Daily Market Notes
We Published Two Irreconcilabilities This Morning. Both Were Fields We Read Once Before the Session Finished.
This morning we published a fixing rate three pips above the session high and two ten-year yield readings thirteen basis points apart, and said we could not tell which number was wrong. Both have resolved and neither was wrong. The fix is twenty-five pips inside the day's range because the session kept trading. The yield touched 5.35 and closed near 5.23, so a maximum and a terminal value were never in conflict. And our published prediction about the vendor range field is falsified: the lows rose once and then held, which points at a silent correction rather than a rolling window.