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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with some commentary from ECB officials regarding the path of rates (page 1). We then move to duration pressure and historical drawdowns in long-term treasuries (page 2) followed by a discussion of the move in term premiums and how it has affected real yields and risk assets (page 3). Next, we updated the Five Fed Manufacturing Index based on three of the five September reports that have been released so far (page 4). As shown in the chart below, manufacturing activity is starting to show signs of bottoming.  In tonight’s report, we also previewed this week’s Treasury auctions (page 5) and provided updates on the latest Commitments of Traders report (page 6).

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