Treasury Market Crawls Out of YTD Negative Return Territory
The peak in inflation and rates are in the rear-view mirror…
Highlights
• Treasuries rally as the peak in inflation and rates are in the rear-view mirror…
• … and will continue to do so as the bearish bets in the futures/options pits close
• Upward revision to real GDP was accompanied by a much softer real GDI print (running negative on a year-over-year basis)
• Beige Book confirms that the strong Q3 print in economic activity was simply an aberration
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