The entire week has actually been a study in the revived love affair between bond yields and oil costs. The latter is relatively flat versus yesterday’s most current levels, so it’s no surprise to see bonds in the same position. Without anything of note on the econ calendar today, there’s no factor to anticipate any driver to have more potential effect than war-related headlines and oil costs. That said, we have actually certainly seen bonds think twice to follow oil costs lower sometimes. There’s a faint whiff of that dislocation in early trading.+
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