Beyond the Headlines

September 13, 2019 HeadlinesTreasury yields are higher this morning alongside all three US equity indices as trade tensions appear to be easing. The Xinhau News Agency reported that China is encouraging purchases of specific US farm products which will be excluded...

September 12, 2019 HeadlinesTreasury yields are 4-8 bps lower this morning despite a hotter core inflation report for August and positive trade headlines overnight. The big news today affecting the bond market was the ECB’s decision to resume quantitative easing, as...

September 11, 2019 HeadlinesTreasuries are little changed this morning following another relatively quiet overnight session. China will reportedly be exempting some U.S. imports from tariffs, but this isn’t very consequential in the grand scheme (both sides have done...

September 10, 2019 HeadlinesIt’s a quiet morning in the markets with Treasuries little changed and S&P 500 futures a touch lower. Market participants are more focused on monetary policy this week, more specifically Thursday’s ECB meeting and next week’s Fed...

September 9, 2019 HeadlinesA relatively quiet news cycle over the weekend is boosting risk assets to open the week. S&P 500 futures are up 10 points, and Treasury yields are up 1-4 bps across the curve. On trade, Politico reported late Friday that Chinese...

September 6, 2019 HeadlinesTreasury prices are modestly lower as investors digest the August payrolls report, as well as additional stimulus from the Chinese central bank. Regarding the latter, the PBOC lowered the reserve requirement for banks 50 bps, which was not...

September 5, 2019 HeadlinesReports that Chinese officials will travel to Washington in early October for trade talks has boosted risk assets overnight. S&P 500 futures are up nearly 1%, and Treasury yields are 5-6 bps higher. Germany reported another round of weak...

September 4, 2019 HeadlinesRisk assets are rebounding today on Hong Kong leader Carrie Lam’s decision to withdraw the extradition bill that ignited the protests. The Hang Seng Index closed up 3.9%, and European equities and S&P 500 futures are up 1%. Treasury...

September 3, 2019 HeadlinesTreasury prices are slightly higher this morning amid a modest risk-off tone in global markets. European equities are down 25-50 bps, and S&P 500 futures are down 70 bps ahead of the open. While U.S./China trade concerns remain at the...

August 30, 2019 HeadlinesThe month of August is typically lethargic as market participants focus on summer vacation, however, this year the month has brought volatility. Yesterday, positive trade headlines surfaced that China was not looking to escalate current trade...

August 29, 2019 HeadlinesA positive trade headline overnight has boosted risk markets, but Treasury prices are less reactive so far this morning (10-year yield only up 1 basis point). European equities are up nearly 1.5%, and S&P 500 futures are up 1% ahead of the...

August 28, 2019 HeadlinesIn the London trading session, 30-year US Treasury yields fell to record lows following news that the UK Prime Minster Boris Johnson was attempting to limit parliamentary debate over Brexit increasing the odds of a no-deal Brexit. In the US,...

August 27, 2019 HeadlinesUS Treasury yields are lower this morning and equity futures are pointing to a slightly higher open (S&P500 +.36%). Headlines overnight continue to focus on President Trump’s positive comments at the G-7 meeting about the US-China trade...

August 26, 2019 HeadlinesFriday’s volatile trading session was provoked by an escalation of the trade war as China threatened to impose an additional $75 billion in tariffs on American goods such as automobiles, oil and soybeans. Shortly after, President Trump...

August 23, 2019 HeadlinesTreasury prices are drifting higher and equities lower in response to China’s trade retaliation, but the move in financial assets is somewhat muted ahead of Jerome Powell’s speech in Jackson Hole this morning. China announced that it will...

August 22, 2019 HeadlinesUS Treasury yields are higher this morning as market participants continue to digest the July FOMC minutes. In the release, Fed Chairman Powell’s comments that last month’s rate cut was a “mid-cycle adjustment”, rather than the start of a...

August 21, 2019 HeadlinesRisk-on sentiment returned, although on light volume, in the overnight session with US Treasuries weaker and S&P 500 futures up .96%. The headlines were dominated by President Trump as he focused his attention on the Federal Reserve...

August 20, 2019 HeadlinesTreasuries are well bid so far today, but there weren’t any major headlines driving today’s market action. S&P 500 futures are slightly lower, and other major global equity indices are mixed on the day. With no economic releases today,...

August 19, 2019 HeadlinesPerformance in risk markets is improved for a second consecutive day, boosted by positive trade headlines (or at least not negative). Treasury yields are higher and the curve steeper this morning in response to the risk-on trade, as well as...

August 16 2019 HeadlinesTreasury yields are 2 to 3 basis points higher this morning while equity futures are pointing to a higher open. Risk assets caught a bid overnight as no news was good news in a week where headlines and economic data punished stocks and sparked...