Market Wrap-Up: Bonds Rally, European Stocks Gain, Deutsche Bank Fears Overblown, and Bond Yields Climb.
Bonds made cautious gains after friendly inflation data, with PCE being a bigger factor than Consumer Sentiment inflation expectations. Month/quarter-end positioning may have contributed to the week's resilience in US bond markets. 10-year bond yields were down 6bps at 3.486, and MBS were up a quarter point.