TRA Macro Tracking Index

It is proving to be a very wild week for bonds, closing out about 20 bps lower than the more than two decade highs just a few days ago. Yields and the dollar are both down from the start of the week, but the narrative is changing, with the growth engine of the economy under pressure. This may not prove to be the most promising sign for markets, especially as PPI hit very hard in the month of September, indicating we appear far from done with inflation's tight grasp.

Have a great weekend!