Friday, September 01, 2006

Hello? Is there anyone on the trading floor?

Today is the kind of day where there are more traders in their cars heading for the beach than there are slinging bonds. With NFP coming in right in line, those that did stay in town are probably headed for the golf course.

The 10-year is selling off (down 1/4) but I think it has more to do with post month-end selling, with relatively low volume exaggerating any move. Barring any news between now and Tuesday, I'd look for a bounce back.

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