It was an interesting day in the bond market. There was a strong bid for bonds but that was undermined by a terrible Treasury auction with a 3.3 bps tail.
But in the last minutes of the day, the bid returned. Could that be short-covering ahead of CPI? Or a flight to safety after a rough decline in stocks.
Plenty has been written about the US election and the crypto meltdown this week but the inflation report is going to be the driver of markets.
