Bonds – View from the Trenches November 04, 2025 Morning Update U.S. Treasuries firmed overnight as growth cooled and policy uncertainty increased. ISM manufacturing fell to 48.7 in October as new orders/production weakened and prices eased. Meanwhile, the Treasury cut its Q4 borrowing estimate to $569B, an additional tailwind for […]

Bonds – View from the Trenches November 03, 2025 Morning Update After last week’s hawkish pushback from Chair Powell, bond markets are looking for direction in private-sector data. For example, we get ISM data today and ADP/ISM Services data mid-week. The Treasury Department will release its Quarterly Refunding Announcement on […]