U.S. Treasuries took their cue from the economic calendar and it was all downhill for bond prices thereafter. Durable goods orders jumped by 4.8% month over month in October (versus consensus estimates of 1.1%). Existing home sales were stronger, rising to 5.60 million in October from 5.49 million in September (versus consensus expectations of 5.40 million). Topping the headlines was the Atlanta Fed’s GDPNow model forecast, now at 3.6% for Q4 U.S. real gross domestic product (GDP) growth. The U.S. economic recovery looks to be gathering speed from the sluggish pace that prevailed for most of 2016. That said, interest rate markets have priced in a lot more growth and inflation in just three weeks’ time and the Fed’s work of raising interest rates to stem inflation and rising GDP is all but done.