Financial Markets in General, Bond Market in Particular, Yawn After Weak Q1 GDP

It is a bit strange and mysterious that the bond market has not reacted much to the weak GDP figures.

Could it be that the markets baked-in the expectations?

Then again, away from the GDP headlines, the investment component of the report was relatively strong, while the consumer exhibited the worst growth rate since Q4, 2009!

Who knows?

Actually, perhaps the markets know, because 10-year YIELD is unchanged at 2.31%, and the ProShares UltraShort 20+ Year Treasury (TBT) continues to circle 38.00-38.50, which is in the upper quadrant of the advance off of the 4/18 low at 36.37.

My sense is that YIELD (TBT) is worried about passage of some of the Trump Growth Agenda, or shall we say, how his tax reductions and spending plans will pay for the cut in revenues without ballooning the deficit?