Good Tuesday AM,

Bonds have started the day under a little pressure. It is not unexpected as we improved to the top of the trading channel last week and then stopped short of breaking through. The 10-yr Treasury is back to 1.59%. That tends to lead us back to the middle or bottom of the channel for us to then (hopefully) make our way back up. The last two days had bonds sell off into the close. Nothing major, but we are certainly off our highs from last week. This week continues to be full of data. Lots of companies reporting earnings, Fed meeting tomorrow, and then Thursday we will see the 1st quarter GDP number. Friday we will see the PCE (Income) numbers. These coming news releases have the power to move the markets in a big way. The market is prepared for a big GDP and high PCE numbers, so we may not see too much of a reaction with those releases. Before those releases, let’s hope The Fed (Chairman Powell) tells bond holders what they want to hear tomorrow. Hopefully the message is inflation will remain low…

Please remain safe and healthy, make today great!