Bond Weakness Reinforces The Consolidation Pattern

Bonds were weaker overnight and the selling trend continued fairly steadily throughout the day.  The only exception was a bigger yield spike that coincided with (but wasn’t necessarily caused by) the EU close.  It is worth noting, however, that yields topped out the moment after the EU closing bell and have been sideways in a narrow range since then.  Jargon terms like “position squaring” and “illiquidity” …