Bonds Hold Steady After Modest Data-Driven Rally

Bonds Hold Steady After Modest Data-Driven Rally

Today’s (and to be fair, this week’s) only major econ data–ISM Services–was a mixed blessing for bonds this morning.  The only headwind was the uptick in the inflation component to another post-pandemic high. The tailwinds involved all other components suggesting a mild economic deceleration.  Traders ultimately gave more weight to the latter. Bonds were slightly weaker before the data, but…