Scoreboard: Debt watch

Markets are warming to the idea of a postponed taper, but debt ceiling gloom overshadowed all good news including US house price gains.

Not a massive night by any measure, but not devoid of interest. For a start, the US 10 year Treasury note continues to rally and yields were down by about 4 bps overnight. So far then it has lost nearly 10 bps since the FOMC meeting last week. It looks to me that markets are warming to the idea that the Federal Reserve’s taper may not even happen this year and there was a bit of commentary in the press overnight to that effect.

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