TNX, USDJPY, SPX, GVT. Shutdown and Gold in Focus

Lowest reading for ADP since March 2023. (-32k vs. 51k expected) Since this is only focused on the private sector, this might not be the best gauge of labor market data from BLS, but this downside surprise is resulting in a very strong Treasury rally across the curve, and $TNX is lower by 5 bps, and Yields look to have begun their pullback to test and break September lows.  (Last month's data was also revised down sharply fro...

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