Fixed income sold off, treasury yields fluctuated after durable goods report☕
Another day, another aggressive sell off in fixed income. Treasury bonds had a wild day with yields showing some early recovery with well received UK and German auctions, before reversing all the gains post the 8:30am durable goods to gallop up nearly 15bp at their worst levels.
#aggressiveselloff #fixedincome #Treasurybonds #durablegoods #macro

Both USD and durable goods stay strong📈
While the durable goods print was marginally stronger than expected, the risk-off impetus was probably driven more off positioning flows, as dealers reported fast-money selling of bond futures ahead of the 5yr treasury auction just as spot Gold collapsed by 1.5% in a concurrent move, hitting 7-month lows at ~1880. USD FX also moved to fresh interim highs against most majors as the dollar strength continued unabated, while equities began their decent once again right after the NY open (SPX -1.3% from open to low).
#durablegoods #Gold #USD #equities #macro