Matthew Graham

Sellafield employs around 11,000 people in West Cumbria – here’s how its recruitment process works and what applicants can expect.

Law firms could soon face new rules requiring earlier reporting of certain events, following high profile firm collapses.

Solway Aviation Museum has confirmed details of its annual scale model exhibition – and this year’s event will be bigger than ever.

Carlisle is in for another hot, humid day today (June 24), with temperatures likely in the high 20s and feeling warmer in direct sunshine.

A motorcyclist escaped serious injury after a crash near Gilcrux early this morning.

A police officer has been praised for his dedicated work in helping to prevent young people from reoffending.

A VAN driver has been banned from the road and ordered to carry out community service after he collided with a cyclist who was left badly injured.

Bonds spend most of the night trading sideways to slightly stronger. Oil prices fell sharply, making it tempting to conclude that's the reason that 10yr yields were almost 7bps lower at 9am. But more than half of the oil rally was over before Treasuries began rallying. There was an obvious and uncommonly large volume spike in Treasuries around 7:50am ET. Oil was still falling at the time. It likely contributed to the bond buying, but not enough that we'd give it primary credit. The nature of the Treasury rally is highly suggestive of massive accounts partaking in quarter-end rebalancing (just a bigger version of month-end trading).

Stocks went on a tear in Q2 with the S&P up 20% as recently at June 16th. AI-adjacent stocks were up over 50%. Bonds lost ground over the same time. That means the 60/40 stock/bond portfolio targets were thrown way out of whack, at times approaching a 70/30 balance. Gigantic money managers (insurance/pension funds and foreign investment funds) take the last few weeks of a quarter to get that balance back to 60/40. This is accomplished via selling stocks, buying bonds, or both. In today's case it was both, but primarily the "buying bonds" part. If the math is so cut and dried, why can't the market accurately price it in ahead of time (after all, it was being talked about )? Ultimately, rebalancing flows are only a small fraction of trading volume. For instance, the stock selling in early June was viewed as early rebalancing tradeflows. This stuff doesn't adhere to a set schedule, so it's only truly obvious in hindsight. Unfortunately, it doesn't speak to a material shift in bond buying demand going forward--just an accounting adjustment in response to the past.

A popular Botchergate bar looks to have closed less than a year after its reopening.