Beyond the Headlines

October 17, 2019 Headlines

October 17, 2019 HeadlinesTreasuries were somewhat volatile overnight, and prices are now lower versus yesterday’s close on news that EU and UK negotiators have agreed on a draft Brexit deal. S&P 500 futures are up 0.27%. The reaction in risk markets is more...

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October 16, 2019 Headlines

October 16, 2019 HeadlinesTreasuries rallied overnight on reports that China has threatened retaliation after the U.S. House passed a bill supporting Hong Kong protests. Risk markets are underperforming today on the perception that this does nothing to help in the...

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October 15, 2019 Headlines

October 15, 2019 HeadlinesTreasury yields are lower this morning in a follow through to yesterday’s sharp rally in the futures market (i.e., investors fading Friday’s risk-on trade). U.S. equity futures are higher ahead of the open after some large banks released...

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October 11, 2019 Headlines

October 11, 2019 HeadlinesUS Treasuries have extended yesterday’s losses as optimism regarding a limited US-China trade deal and Brexit accord fueled risk-on sentiment. The White House signaled “trade talks with China going better than expected” and Trump is scheduled...

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October 10, 2019 Headlines

October 10, 2019 HeadlinesUS Treasuries and equities fluctuated overnight based on the latest news or rumors surrounding US-China trade talks. Initially, Treasuries rallied after the South China Morning Post published a story that no progress was made after two days...

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October 9, 2019 Headlines

October 9, 2019 HeadlinesUS China trade talks have moved back into the headlines with high level talks scheduled to resume in Washington on Thursday. While a broad trade deal is unlikely, Chinese officials have signaled that Beijing is willing to increase agricultural...

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October 8, 2019 Headlines

October 8, 2019 HeadlinesNegative US/China headlines sparked a bid for Treasuries this morning. European equities are down nearly 1%, and S&P 500 futures are more than 60 bps lower. After yesterday’s market close, the U.S. announced that eight Chinese technology...

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October 7, 2019 Headlines

October 7, 2019 HeadlinesA modest risk-off tone has S&P 500 futures in the red to start the week, and Treasury yields are unchanged to slightly higher on the day. Articles over the weekend suggested that the range of topics that China is willing to discuss in this...

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October 4, 2019 Headlines

October 4, 2019 HeadlinesTreasuries were initially stronger in the overnight session on low volume as market participants waited for the upcoming payroll data. Following a series of disappointing economic data earlier in the week, both domestic and globally, fed funds...

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October 3, 2019 Headlines

October 3, 2019 HeadlinesTreasury yields are lower this morning on softer PMI data out of Europe (September figures revised lower). Some analysts are also taking note that the Euro 5-year, 5-year forward inflation rate just hit a new record low of 1.13%.  Fed leaders...

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October 2, 2019 Headlines

October 2, 2019 HeadlinesAfter initially selling off to start the overnight session, US Treasury yields reversed course as risk-off sentiment returned in London trading. The European Union denied yesterday’s Bloomberg report that it would offer a time limit on the...

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October 1, 2019 Headlines

October 1, 2019 HeadlinesUS Treasuries were weaker overnight as a poor 10-year debt auction in Japan sparked a move sending sovereign yields higher. The Bank of Japan signaled cuts in bond purchases for October and the Government Pension Investment Fund shifted to...

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September 30, 2019 Headlines

September 30, 2019 HeadlinesReports leaked out on Friday that the administration was contemplating blocking Chinese companies from listing on US stock exchange and placing limits on US investments through caps on government pension funds. Since then, US Treasury...

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September 27, 2019 Headlines

September 27, 2019 HeadlinesSome positive trade comments overnight by a Chinese official boosted risk markets, but investors are now digesting several U.S. economic releases, which were generally mixed. Treasury prices are slightly lower across the curve, and S&P...

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September 26, 2019 Headlines

September 26, 2019 HeadlinesTreasury yields are lower this morning despite positive performance from European equities and S&P 500 futures. It was a relatively quiet news cycle overnight from a market perspective (all focus on US politics), but there has still...

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September 25, 2019 Headlines

September 25, 2019 HeadlinesDespite more upbeat news that China is preparing to buy more agricultural goods, the treasury curve bull steepened as markets weigh political gridlock in both the US and UK. After the markets closed, House Speaker Nancy Pelosi announced a...

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September 24, 2019 Headlines

September 24, 2019 HeadlinesOvernight headlines displayed easing trade tensions between the US and China while economic indicators abroad reminded investors of slowing global growth. US Treasury Secretary Steven Mnuchin confirmed that the Chinese Vice Premier Liu He...

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September 23, 2019 Headlines

September 23, 2019 HeadlinesUS Treasuries are stronger this morning as manufacturing and service data from Europe’s core economies missed estimates. In Germany, the PMI reading fell to 49.1 which represents an 83- month low and signals a contraction in the...

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September 20, 2019 Headlines

September 20, 2019 HeadlinesFinancial markets were relatively calm overnight, and Treasury prices are unchanged to slightly higher across the curve. The New York Fed conducted repo operations again this morning to ensure stability in overnight funding markets while it...

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September 19, 2019 Headlines

September 19, 2019 HeadlinesTreasury prices are higher across curve this morning due in part to dovish central bank decisions/guidance from Japan and Europe. Global equity markets are mostly higher, and S&P 500 futures are currently up 0.18%. Markets continue to...

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