Bonds did well at face value today, but there are so many “yeah buts.”  First off, stocks were hugely lower and that definitely helped bonds.  We’re also closing out our 5th straight day of Treasury gains.  6 days and beyond are uncommon.  We’re also heading into a 3-day weekend at a time of great economic and market uncertainty.  We also ultimately ended the day above the .63% pivot point in Treasuries.  Finally, the adverse market fee is looming on the horizon and is already back for many 60 day locks.  So while rates aren’t necessarily destined to be higher next week, they will encounter more headwinds than help if they attempt to move lower.

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