Higher for Longer Until Something Breaks

Fairly quiet and low volume day today in the markets as we near the holiday weekend with markets open half a day on Monday and closed on Tuesday. GDP came in this morning at 2% versus estimates of 1.4% along with jobless claims coming in at 239k versus 265k estimates.

With the strong data, it caused a huge uptick in rates sending the 10Y from 3.7 to 3.…