As Powell prepares for his Monetary Policy Report to Congress (10am, Watch Live), is he paying attention to the bond market? Prodded by abysmal housing data… 
…ZN finally broke out.
According to Kudlow, last month’s retail sales miss was a glitch. What about the 10.5% YoY drop in single family permits or the 15.9% plunge in multifamily permits? How about wholesale inventories that expanded at twice the expected rate last month?
The bond market isn’t waiting for Powell to proclaim that the data has been anything but rosy lately. With ZN breaking out, we can expect the next 4-6 weeks to be very interesting.
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