Feb. 8 at 9:51 PM
Fixed income rotated toward spread carry this week while duration stayed stuck as the laggard sleeve.
$EMB led with 1.9% 3-month momentum, driven more by idiosyncratic carry than broad risk linkage.
$BNDX flipped positive, marking a prior drag point transitioning into a stabilizer rather than a continued leak.
Breadth is 10 of 11 positive, with internal rotation balanced: 2 showing momentum acceleration, 2 showing momentum fatigue.
Trend quality reads choppy across the complex, so the tape is improving but the signal remains low-conviction.