I think were just having a little short-covering ahead of the weekend. We often see a bit of bottom-fishing when the yield is around 4.5%.
It's a done deal. We're looking for a fairly long, drawn out Senate trial.
The post-auction gains were used as a selling opportunity.
The auction came off pretty much as advertised -- it was good and strong.
Productivity still remains really solid, and one of the hallmarks of this whole expansion. If we can hang on to that I think the perception of where we're going in the market could change dramatically.
Productivity, so far, has really enabled the economy to grow at a more rapid pace than normal without generating any kind of substantial increase in wage pressures.
I don't put a lot of faith in the month-to-month swings in the trade data, but we had expected a modest widening in the gap. This narrowing will feed into a little bit more positive reading to second-quarter GDP.
The fact that he didn't suggest any time frame for a pause is going to leave rates biased slightly higher. People still think a yield near 4.7% on the long end is a pretty good deal.
Our view is very optimistic. We believe that the tight yield curve is the result of the Fed's continued tightening. We are expecting economic growth of 4% much of this year. That is far from a recession.
It's important to expose kids to experiences they might not get in the classroom.