The market tried so hard to break 3.90 (percent), but the Europeans threw in a curve ball.
The market seemed to have it in their mind that the Fed had already changed their mind, that there was a change in policy to a more aggressive pace (of rate tightening), but that did not occur.
The market has every reason to be nervous.
I would say the market has been a bit sanguine about Friday's employment report, the consensus being 125,000, with a number of big shops looking for softer numbers than consensus than in the previous two months.
It's got people jittery that the Fed may drop the phrase this time, ... We don't think they'll mess with it because it would upset the market too much, but they could well get more upbeat on the labor market.
It's pretty much expected due to the extraordinary situation. Their biggest concern is making sure there's ample liquidity, especially as the equity markets open. The bond market had been expecting it.
It's pretty much expected due to the extraordinary situation, ... Their biggest concern is making sure there's ample liquidity, especially as the equity markets open. The bond market had been expecting it.