Apache is functioning normally

Absence of Additional Weakness

Today’s trading session doesn’t really qualify as a strong one for the bond market, but we could probably justify saying there was an absence of additional weakness.  Even that looked like it would be a tall order this morning as yields technically hit another super long term high before settling down into the afternoon.  Existing Home Sales data was at the scene of the move, but we don’t see it as a market mover.  Best case scenario: sellers are finally getting tired and things will either stay flat or correct modestly ahead of Friday’s Jackson Hole talk from Powell.