Running with the bond bulls

I think NFP puts a nail in the tightening cycle. I've said all along that when they do finally pause, they're done. That's how the market is reacting.

The 2-year is working its way through 4.90%. That implies two rate cuts some time within the next 12-months. I continue to feel that is a bit optimistic. Not impossible, just a bit optimistic. I'd certainly say that today's price action leaves little left for bulls, especially on the front end.