Afternoon Update

Volatility gauges across the board (VIX -8%, VXN -10.8% and VVIX -7.6%) are trending lower as I, nor the market, expects much volatility heading into tomorrow’s 1/2 day Christmas Eve session. The 10-yr yield hit 4.60% a short time ago, at levels above last week’s high. The 2-yr yield is up three basis points from…

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