December 2, 2020 Headlines

December 2, 2020 Headlines Treasury prices were essentially unchanged following yesterday’s sell-off that sent the 10-year yield 9 bps higher and the yield curve 7 bps steeper. The primary catalyst for yesterday’s move was reports of progress on stimulus negotiations...

December 1, 2020 Headlines

December 1, 2020 Headlines Treasury yields are higher this morning following better than expected economic data from China and Europe. All major global equity indices are higher on the day, and S&P 500 futures are up 0.91% ahead of the open. China’s Caixin PMI...

November 30, 2020 Headlines

November 30, 2020 Headlines Treasury prices are slightly lower this morning despite general weakness in major global equity indices overnight. Moderna plans to seek regulatory approval today for its COVID vaccine in both the U.S. and Europe according to Bloomberg. The...

November 27, 2020 Headlines

November 27, 2020 Headlines Treasury prices are drifting higher on expectedly light trading volume. The bond market will close early at 2pm Eastern Time.  The minutes of the November 5 FOMC meeting were released Wednesday afternoon, and market participants were mostly...

November 25, 2020 Headlines

November 25, 2020 Headlines Treasuries and equity futures are little changed on a quiet pre-Thanksgiving trading session despite a busy economic calendar this morning. Initial jobless claims rose for the second consecutive week, the first back-to-back increase since...

November 24, 2020 Headlines

November 24, 2020 Headlines The curve is essentially unchanged this morning while equity futures are higher following the news that the General Services Administration stated that the President-elect could start the transition process. While Biden’s team had already...

November 23, 2020 Headlines

November 23, 2020 Headlines Treasury yields are moving higher to begin Thanksgiving week amid a positive tone in risk markets. Preliminary November PMI data for Europe was mixed, at best, but not as bad as some had feared. On the vaccine front, the University of...

November 20, 2020 Headlines

November 20, 2020 Headlines Rates are essentially unchanged this morning while Dow and S&P futures are pointing to a lower open this morning. Last night, the US Treasury and Federal Reserve appeared to clash over emergency lending programs with Secretary Mnuchin...

November 19, 2020 Headlines

November 19, 2020 Headlines Covid-related headlines and an increase in weekly jobless claims is driving a modest risk-off trade this morning. Initial jobless claims unexpectedly rose more than 30,000 last week to 742,000, the first increase in five weeks. The...

November 18, 2020 Headlines

November 18, 2020 Headlines Treasuries and U.S. equity futures are little changed following a relatively quiet overnight session. New Covid-related lockdowns/restrictions continue to be rolled out in Europe and the U.S., but these headlines are being offset this...

November 17, 2020 Headlines

November 17, 2020 Headlines Much like last week, euphoria in risk markets in response to a vaccine announcement is being followed by more sobering news of ongoing spread of Covid and subsequent lockdowns in the U.S. and Europe. At the same time, there are still no...

November 16, 2020 Headlines

November 16, 2020 Headlines For the second consecutive Monday morning, a positive vaccine announcement is boosting risk asset and driving Treasury prices lower. Moderna Inc. says its Covid-19 vaccine was 94.5% effective in preliminary analysis, following last week’s...

November 13, 2020 Headlines

November 13, 2020 Headlines Treasuries are little changed on a quiet morning to end the week. European equity markets are mixed, and U.S. futures are up approximately 0.7%. Fed Chair Powell poured cold water on Monday’s vaccine announcement during an ECB event...

November 12, 2020 Headlines

November 12, 2020 Headlines Treasury prices are higher this morning as market focus shifts back to rising Covid cases in the U.S. Major European equity indices are down more than 1% on the day, and U.S. futures are 30-75 basis points (bps) lower ahead of the open. The...

November 10, 2020 Headlines

November 10, 2020 Headlines Treasury yields are modestly higher this morning following yesterday’s strong sell-off that steepened the yield curve by nearly 10 basis points. With Pfizer’s vaccine announcement, a reflation trade ensued by more speculative investors on...

November 9, 2020 Headlines

November 9, 2020 Headlines A major risk-on trade emerged in global markets after Pfizer announced that its Covid vaccine was 90% effective in preventing virus infection. European equity markets are up more than 5%, and S&P 500 futures are up 4.6% ahead of the...

November 6, 2020 Headlines

November 6, 2020 Headlines Treasury yields are rising following the release of a very solid October jobs report. Nonfarm payroll added 638,000 jobs during the month, nearly 60,000 more than expected. Excluding the government sector, which lost 147,000 jobs from...

November 5, 2020 Headlines

November 5, 2020 Headlines Treasuries are essentially unchanged this morning as investors’ focus remains on the election which at this point looks to be a Biden victory. But with the potential for recounts and lawsuits it still might be a while before we get...

November 4, 2020 Headlines

November 4, 2020 Headlines The curve is slightly lower and flatter this morning as the market and the rest of the country await the results of the presidential election. Eyes are currently on close races in five battleground states which could take days to count all...

November 3, 2020 Headlines

November 3, 2020 Headlines The day has finally arrived, and with any luck, we will know the election results tomorrow morning. Perhaps that’s an overly optimistic position, but if anything, at least we will have less political adds to watch going forward. Treasury...