Fed optimism fades
Treasury yields climbed in November on hopes/expectations for a Fed hike and optimism about the economy.
Today's ISM manufacturing report was the worst since 2009 and now everyone is asking if the strong US dollar is cramping the economy and if the Fed will be worried.
Since the data, the US 10-year yield has fallen to 2.1466% from 2.2344%. The decline today wipes out the entire move higher in yields in November.
