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Auction Concessions and Pre-CPI Positioning

Last week offered up decent bookends for a narrow, short-term range.  A series of downbeat economic reports set the low yields last Monday.  Then Fed speakers and strong data pushed back in the other direction.  The breadth of the range was finally realized on Friday after the jobs report.  Since then, not only would it be within the bond market's playbook to consolidate ahead of a key data report (Wednesday's CPI), that&#39...
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