strange things are afloat at the bond market Circle K
Are the dismal housing orders stats rekindling fears of a disorderly housing slowdown?
Is it relatively flat-to-dovish comments from Cleveland Fed president Sandra Pianalto?
Or is it something more esoteric: The news that China's reserves have reportedly crossed the $1 TRILLION mark? We all know Asian central banks recycle the dollars we pay them for goods into U.S. debt instruments. Perhaps the bond market is speculating that this gigantic mountain of money will continue to flow into UST.
Unclear. But again, this is a pretty large move on ostensibly no news (this is a very quiet week for economic data, and nothing has been released this morning).