Kevin Flanagan Market Quotations

The market has been a little top heavy, so (the PCE increase) did offer a bit of an excuse to sell.

You would think the bond market would sell off.

I think you're seeing an enthusiastic response by the bond market because there appears to be a slight deceleration in economic activity. In order to continue to improve we'll need to see further signs of that slowdown.

The market had gotten itself into a position where the thought process was the economy was cooling off a bit and the Fed was close to being done raising interest rates. These numbers threw a wrench into the works.

Considering the fact we have been thin or illiquid in some areas in the market it wouldn't surprise me if there had been some hedge fund selling.