June 26, 2019 Headlines

June 26, 2019 Headlines US Treasuries bear flattened overnight following through on yesterday’s comments from Fed Chairman Powell and St Louis Fed President Bullard. In Powell’s speech, the Chairman stressed the independence of the central back and that the case for a...

June 25, 2019 Headlines

June 25, 2019 Headlines US Treasuries ended the overnight session essentially unchanged after reversing an initial rally on new Iranian and Chinese headlines. In response to the new sanctions, the Iranian government permanently closed off any chance of a diplomatic...

June 24, 2019 Headlines

June 24, 2019 Headlines Treasury yields are slightly lower and the curve flatter to start the week. Market participants continue to assess geopolitical risks with Iran and trade risks with China, but for now, risk markets appear to be shaking off some of these...

June 21, 2019 Headlines

June 21, 2019 Headlines The rally in Treasuries is relenting this morning following the release of global PMI data, with yields little changed across the curve. The European flash PMI readings for June were better than expected, if only slightly, but at this point in...

June 20, 2019 Headlines

June 20, 2019 Headlines Financial markets continue to react to yesterday’s FOMC meeting, with Treasury yields grinding lower and global equity markets are higher (S&P 500 futures +1% currently).  This week’s headlines have been positive for risk markets.  It began...

June 19, 2019 Headlines

June 19, 2019 Headlines Treasuries are giving up some of yesterday’s gains ahead of today’s Fed meeting, and S&P 500 futures are little changed ahead of the open. Yesterday’s trading activity was driven largely by ECB President Mario Draghi’s ultra-dovish press...

June 18, 2019 Headlines

June 18, 2019 Headlines Global bond markets are rallying following very dovish comments from European Central Bank (ECB) President Mario Draghi. European 10-year bond yields are hitting new record lows today, with the German 10-year down to -0.33% and the French...

June 17, 2019 Headlines

June 17, 2019 Headlines The tone in risk markets is modestly improved this morning, and as a result, Treasury yields are drifting higher. The focus this week will be on Wednesday’s FOMC meeting, as well as anticipation of next week’s G20 summit in Japan. Regarding the...

June 14, 2019 Headlines

June 14, 2019 Headlines US Treasury yields are higher this morning and the S&P 500 is set to open -.20% following the release of stronger than expected retail sales and industrial production data. May’s headline retails sales print was .5% vs estimates at .6% and...

June 13, 2019 Headlines

June 13, 2019 Headlines US Treasuries are essentially unchanged after retracing the rallying during the Asian session on reports of tanker attacks in the Gulf of Oman. The details of the incident are still unclear but follows other attacks that have happened in the...

June 12, 2019 Headlines

June 12, 2019 Headlines The US Treasury curve bull-steepened overnight and equities are down slightly across the globe as recent headlines have dampened the optimism of a trade deal. Early in the Asian session, Reuters published a report that stated there has been...

June 11, 2019 Headlines

June 11, 2019 Headlines Treasuries traded in a tight range to start the overnight session but then weakened on better risk-on sentiment. After striking a deal with Mexico to avoid tariff increases, the focus has shifted back to the US-China trade war. China has...

June 10, 2019 Headlines

June 10, 2019 Headlines President Trump’s announcement to suspend tariffs on Mexico sparked a risk-on rally pushing the S&P500 up +.59% and yields 3-4bps higher across the curve. The economic calendar is light today with only the JOLTS Job Openings on the...

June 7, 2019 Headlines

June 7, 2019 Headlines The overnight session was quiet as market participants waited for the release of the May jobs report. After missing initial estimates, both US Treasuries and stocks advanced (SPX +.40%) as speculation increased around potential policy easing....

June 6, 2019 Headlines

June 6, 2019 Headlines The yield curve bull-flattened overnight with the 10-year down 2.5bps to 2.11% and US equity futures are pointing to an unchanged open. Tariffs and trade negotiation continue to dominate the headlines as talks with Mexican officials ended...

June 5, 2019 Headlines

June 5, 2019 Headlines US Treasuries bull steepened overnight, and equities are set to open higher with S&P 500 futures up +.57% on the back of dovish comments from FOMC members. Fed Chairman Powell’s began the monetary policy conference by signaling an openness...

June 4, 2019 Headlines

June 4, 2019 Headlines US Treasuries bear flattened overnight reversing gains in the week-long rally that saw the 2-year yield 24 bps lower. Headlines regarding tariffs were positive as the Mexican Foreign Minister Marcel Ebrard quantified the odds at 80% to negotiate...

June 3, 2019 Headlines

June 3, 2019 Headlines The Treasury curve is in the midst of a bull steepening this morning, as short-end rates are 3 to 4 basis points lower while the long-end has only fallen by 1 to 2 basis points; on the back of weak global PMI data and another round of escalation...

May 31, 2019 Headlines

May 31, 2019 Headlines Another round of negative headlines overnight is weighing on global risk markets today and driving Treasury yields lower, with the 5-year yield below 2% for the first time since 2017. Major equity indices are in the red, including a 1.1% decline...

May 30, 2019 Headlines

May 30, 2019 Headlines The market is taking a breather this morning with rates essentially unchanged while risk assets are experiencing a modest uptick following the release of solid economic data. First quarter GDP was revised lower, but moved lower less than...