Tony Crescenzi Underlying Quotations

The refunding results show that the market's assessment of underlying (economic) fundamentals is that they are still bearish. Therefore, the market's overall downward trend is intact.

While the results of the September jobs report are impressive and seem to suggest that the underlying strength in labor demand has been unaffected by recent events, the strength could well reflect the lagged effects of past strength in the economy and the data therefore provide much less guidance about the future than might seem obvious.

If you want to asses the market's true feeling about underlying (economic) fundamentals, you have to look at the 10-year and under.