Sometimes the markets get spooked. Today is one of those days. Bond yields around the globe are rising for no particular reason that I can see. The 10 Year Note is at a four month high at 1.82%; the German Bund has risen from -0.16% to +0.15% in the last 30 days. Mortgage pricing is down about 3/8%, causing the 30 year to notch up to 3.5%.
Tomorrow we see the first reading of 3rd quarter GDP. It’s expected to come in at 2.5%, which would be awesome considering that the 1st and 2nd quarters were at 0.8% and 1.4%, respectively.