Weaker Data Offset by European Tapering Fears

Bonds improved after weaker economic data this morning.  Traders keyed in on internal components of the Chicago PMI report and concluded some labor market weakness could spill over to the week’s forthcoming employment reports.  But hawkishness from the European Central Bank pushed bonds back into weaker territory.  All of the above takes place inside the same sideways range that’s been intact for more than 3…