The Day Ahead: PM Edition 2023-02-22

The markets are finally starting to price in rates being higher for longer

Bonds

ZB is following the short-term path put forward late last week of another low after a bounce to test resistance in the 125^22 to 126^10 range. Support now at 123^25 and 123^11. The danger to the forecast is that the low being worked on now is only [III] of iii instead of [V] of iii as depicted on the following intraday chart which would imply that …