Atentie la LIBOR, belirea cariciului e dupa colt...

08:25 BONDX Flipped Lower... 10-yr -06/32 yielding 3.988%

The market is suffering along with bonds globally following stronger
inflation data overseas and record crude. But with trade on the light
side and positions getting wrapped up ahead of month/quarter/half year
end the move will be taken in stride. Payrolls on Thurs will keep
trade sidelined. The 111 basis point spike in overnight Libor raised a
few eyebrows but most attribute that to the calendar roll.
Nevertheless, the shear size of the jump still suggest that with all
the Fed funding mechanisms there remains a lack of confidence within
interbank lending with no one wanting to part with precious capital.
Bonds in the EuroZone were slammed on the upsized inflation print to
4% while in Japan, bonds were bid ahead of some expected bad data.
Treasuries will get some manufacturing data and not much else. The
Fedsters are supposed to be idle today but there is a $75B 28-day TAF
sale. Trade looks to grind out the session but the flight to quality
that fueled prices last week looks to be lurking in shadows should
there be more melt down/up in equities or oil. The 2-10-yr yield
spread is flatter at 129.2. The dollar got back some ground on the
euro, after making an early run at 1.5850, sliding even as the rates
situation in the region lean's higher. The yen rallied back against
the buck to early June levels as the currency saw a ratings boost and
got back similar ground on the euro. Gold is holding better with spot
932.51 (+4.71) on quarter and inflation worries. Crude took out
records having ticked through 143.65 in supply issues, but has since
backed off, now 141.96 (+1.75). The day offers just Chicago PMI
(watch for fat finger issues on that release) with no Fed-speak. The
euro is 1.5758 and the yen is at 105.7050. For more click here.
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