Morning Note | Dec 8, 2022 | PDO Specials Drive Valuation Shift

Good Morning!

Futures are up as investors are in a holding pattern until next week when we get the CPI and Fed meeting.  Yields are slightly higher after 10yr reached 3.41% yesterday. The 2y/10y spread recovered 1.3bp overnight but was still at a 40- year record low of -83bp. US Consumer borrowing rose by $27.1bn in October vs. $28bn survey; $24bn prior;…