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Takeaway: The bond market showed its immunity to lagging indicators and consensus expectations.

Despite an initial, brief sell-off in 10-year yields following this morning's positive jobs number, the bond market showed its immunity to lagging indicators and consensus expectations.

Witness the Epic Consensus Head Fake In the 10-Year Treasury This Morning - benryan

Ten-year yields are now sitting right on our 2.59% tail line of resistance (down 44 basis points year-to-date.) Keep a very close eye on that.

With the US Dollar on its knees, trading near YTD lows (-0.60%) and inflation ripping into the purchasing power of consumers (CRB Index +9.6% YTD) the bond market continues to support our #GrowthSlowing view.

We’ve been saying this for months now: Inflation is accelerating and growth is slowing.