Below is a chart and excerpt from today's Early Look written by Macro analyst Ryan Ricci. 

The major up moves yesterday came from the bond market, specifically the municipal bond market: Taxable Muni Bonds ($BAB), High Yield Muni ($HYD), International Corporate ($PICB), National Muni Long Term ($ITM), U.S. 20+ Yr Treasuries ($TLT), and U.S. 7-10 Yr Treasury ($IEF). This is while rate hike expectations through December 2022 came down to 6.98.

CHART OF THE DAY: You Can’t Change The Numbers - exh