New Data Sources Bring New Inspiration

The shutdown has not only placed more emphasis on the alternative data that was already in the rotation, but also fueled interest in new sources. One that you'll likely hear more about in the coming months is Revelio Labs, a company using data aggregation and modeling to synthesize it's own version of nonfarm payrolls.  While it's far from an exact match, the trends are similar, and Revelio's data is less volatile (much like ADP always has been). All that to say, there's no great way to justify this morning's rally in bonds without the Revelio release at 8:30am ET, which showed a decline in monthly job creation.