FO Analysis: The Price of Duration.
Weak data bought duration nothing: a payroll print of 29,000, a soft inflation gauge, and the thirty-year closed Monday at 5.66, a new high, with breakevens flat; the Treasury was offered forty-six billion dollars of long bonds against a six billion door; and high-yield spreads closed through the one level the desk published in August as its growth tell.
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1TO2Q · High · the floor is structural | Moderate · the growth path's weight
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Rates
Bonds
Fed
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Analysis
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58 min read min