Bonds are catching a bid as a risk-off tone plays across the market.
Aside from intraday knee-jerks in price, not much has changed. Rates and the US dollar remain range-bound. US Treasuries have yet to provide a definitive buy signal.
And the S&P 500 continues to contend with overhead supply at the 4,200 level.
It’s a chop fest.
But one data point has changed in recent sessions – the probability of a rate cut or a rate hike next month based on the fed funds futures… [Read more…]