Stocks bounce, Treasuries remain stock


There’s no news behind the recent bids in stocks and selloff in bonds. The moves haven’t left much of an impression on FX but the Nasdaq (shown above) has pared its daily decline to just 0.4%, which is the best since the opening minutes of trade.

In the rates market, US 10-year yields are up 3.2 bps in a rebound towards the highs of the day. One effect in the currency market is a climb higher in USD/JPY, though it’s still below session highs.

There have been some headlines out of the White House around the debt ceiling but — if anything — they’re negative. A spokesman said negotiations will need the support of Democrats and that Biden and McCarthy will speak when the time is right.

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