Good Thursday AM,

My apology for the late start. A quick recap from Dan Rawitch is below. The best part of the day is markets are quiet…

PPI came in lower than expected. At the core level is came in just a tad higher than expected, but less than half of where it was last month. Also, jobless claims came in higher than expected. Both these items are bond friendly but bonds are flat this morning and looking for direction. The stock market is up and down with no clear direction so this is not helping nor hurting bonds. I suspect we are forming a bottom but this is not confirmed yet and the market is still fragile. I am still looking for a meaningful bounce in the coming days, but it may not be a sustainable bounce.

Please remain safe and healthy.