Bond yields have fallen sharply over the past two weeks, having now roundtripped the past two FOMC meetings, going all the way back to where they'd been before the "hawkish rate cut" in December. Latest data on the services economy go a long way to explaining why, with signs of one-offs and non-economic artificial factors more and more coming out of it.

Eurodollar University's Money & Macro Analysis

Bloomberg US Bond ‘Death Spiral’ Risk Brushed Aside by Foreign Funds
https://www.bloomberg.com/news/articles/2025-01-16/treasuries-death-spiral-risk-is-brushed-aside-by-foreign-funds

Bloomberg Working Americans Turn to Food Banks as Fed Inflation Battle Drags On
https://www.bloomberg.com/news/features/2025-01-27/us-inflation-leads-families-to-struggle-for-food-fed-debates-rate-path

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