Just after pricing was set yesterday, we re-priced for the worse. The cause was a unexpected strong piece of economic data that showed business activity increased at a faster pace than economists estimated. This morning Treasuries declined over night before a report should show today that manufacturing expanded for a fifth month, weakening the case for the Fed to maintain their bond purchases. Good economic news has many wondering if a December tapper is still on the table..we will have to wait and see.
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