Bonds Waiting For More Relevant Inspiration

Today’s ADP employment data missed the mark by quite a bit.  If there was one reason that bonds were able to move back into positive territory after overnight weakness, that was it.  The gains didn’t last long thanks to a combination of EU bond market weakness and general tradeflows at the NYSE open.  In fairness, the gains returned by the end of the day, but just barely.  The takeaway in the bigger picture…