Apache is functioning normally

Uneventful End to an Eventful Year

2023 may be a year that we won’t soon forget, but the past two weeks have been quite the opposite. Today’s holiday-shortened trading session did nothing to change the narrative.  Yields were modestly higher overnight, giving chase to a slightly bigger sell-off in Europe.  Domestic traders pushed back toward unchanged levels by mid day but sellers resurfaced at the 1pm CME close. Trading levels remained easily within the exceptionally flat range seen since Dec 14th. We continue to focus on next week’s economic data and Fed Minutes as the first major sources of potential volatility in 3 weeks.