Into this afternoon’s US nonfarm payrolls bonds have sold off, with yields jumping from all-time lows (or close to record-lows). Drivers have been better than expected data; Beijing/Hong Kong authorities moving towards meeting some of the protesters’ demands even though protest will continue; Brexit delay (duh!); our ECB overlords playing down the likelihood and the size of a QE program at next week’s meeting; and – you guessed it – a resumption of trade talks. Now trade talks have resumed quite often after being halted after another tit-for-tat round of tariffs. But don’t tell the algos!

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