Beyond the Headlines
July 26, 2019 HeadlinesUS Treasury yields are essentially unchanged, and equities are set to open in the green following a stronger than expected GDP reading. Annualized GDP QoQ slowed from 3.1% to 2.1% but still beat expectations of 1.8% on the back of higher than...read more
July 25, 2019 HeadlinesUS Treasuries bull flattened in the overnight session on low volume as the markets awaited the European Central Bank’s decision. While Mario Draghi’s overly dovish speech set the stage for Eurozone policymakers to begin easing future monetary...read more
July 24, 2019 HeadlinesTreasuries are well bid to start the day following the release of abysmal manufacturing data out of Germany (and weak European data in general). S&P 500 futures are down 0.21% ahead of the open. July preliminary (flash) PMI data for the...read more
July 23, 2019 HeadlinesTreasury prices are essentially unchanged at the moment but fluctuated between positive and negative territory overnight. Prices were initially lower on the announcement of the U.S. budget deal but reversed course on reports that a Russian...read more
July 22, 2019 HeadlinesTreasury yields are lower this morning on geopolitical tensions (US/Iran & US/Turkey), but US equity futures are higher ahead of the open on positive headlines related to US/China negotiations. Regarding the latter, Chinese firms plan to buy...read more
July 19, 2019 HeadlinesToward the end of yesterday’s trading session US Treasury yields sharply declined on the back of dovish comments from New York Federal Reserve President John Williams. In the speech at the Central Bank Research Association, Williams said “It’s...read more
July 18, 2019 HeadlinesUS Treasury yields climbed higher this morning following a strong rebound in the Philadelphia’s Fed Factory Gauge. The general activity index rose by 21.5 points easing concerns for a manufacturing slowdown by surpassing all economist estimates....read more
July 17, 2019 HeadlinesTreasury prices are slightly higher this morning following uninspiring corporate earnings combined with weak economic data out of Asia (Singaporean exports experienced the largest drop in six years). Additionally, comments from President Trump...read more
July 16, 2019 HeadlinesAfter reaching a new high on Monday, S&P 500 futures trimmed overnight gains and US Treasuries are weaker on the back of better than expected retail sales. The headline US retail sales number showed a .4% increase MoM beating survey...read more
July 15, 2019 HeadlinesTo start the overnight session, there was no cash US Treasury trading with Japan closed for a holiday. However, futures were open and initially traded lower on better than expected economic data out of China. Both Chinese industrial production...read more
July 12, 2019 HeadlinesTreasuries are little changed this morning following yesterday’s bear steepening, which saw long-end yields rise 8 bps. Yesterday’s increase in Treasury yields was initially sparked by higher than expected core CPI readings for June, and the...read more
July 11, 2019 HeadlinesTreasury yields bounced higher following the release of the June CPI report, which showed higher than expected growth in core prices. Asian equity markets were generally higher overnight in the wake of Powell’s dovish comments yesterday, and...read more
July 10, 2019 HeadlinesUS Treasuries weakened initially during the overnight session on the back of strong economic data from the European Union. Both French and Italian industrial production numbers came in better than expected. However, the move began to reverse...read more
July 9, 2019 HeadlinesTreasury prices are slightly lower this morning following an increase in supply of European sovereign debt. Overnight trading was fairly muted as there was little in the way of data or news coming out of Europe or Asia. US equity markets are...read more
July 8, 2019 HeadlinesThere was a slight risk-off sentiment in the overnight session with both equities (S&P500 -.26%) and US Treasury yields set to open lower. The main headline over the weekend was Deutsche Bank’s restructuring plans as the bank plans to exit...read more
July 5, 2019 HeadlinesFollowing the Non-farm Payrolls report, the 10-year US Treasury yield rebounded back above the 2% level as the case for a Federal Reserve rate cut weakened. The headline employment number rose more than expected at 224k with a mild downward...read more
July 3, 2019 HeadlinesUS Treasuries extended gains overnight in reaction to dovish appointees to two of the world’s major central banks. The European Central Bank nominated Christine Lagarde for President and analysts anticipate continued easy money policies if she is...read more
July 2, 2019 HeadlinesTreasuries bull-steepened overnight in response to weak European data and hawkish comments from the ECB in which policymakers stated that they are in “no rush” to cut rates in July. Equity markets are mixed as the post trade truce euphoria has...read more
July 1, 2019 HeadlinesGlobal equity indices are higher on the U.S./China trade truce, which was the general expectation heading into the G-20 summit in Japan. Treasury yields rose overnight in response to the improved tone in risk markets, but weaker manufacturing...read more
June 28, 2019 HeadlinesGlobal markets are relatively quiet this morning ahead of the Trump/Xi meeting later tonight at the G-20 summit in Japan. Treasury prices are essentially unchanged on the day, and S&P 500 futures are up 0.23%. President Trump has made...read more
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