10-Year T-Note Futures Market News and Commentary
Sep T-notes (ZNU20) this morning are down -11 ticks. The 10-year T-note yield is up +6.4 bp at 0.810%.
Sep 10-year T-notes this morning are weaker as they dropped to a 1-1/2 month low. The 10-year T-note yield climbed to a 2-1/4 month high of 0.819%. A surge in German bund yields today is weighing on T-notes. Rising inflation expectations today are also undercutting T-note prices. Losses in T-note losses accelerated this morning on technical selling after T-notes fell below their current 1-1/2 month-long trading range.
T-notes this morning ignored the supportive U.S. labor market data. U.S. weekly initial unemployment claims fell -249,000 to 1.877 million, showing a weekly labor market than expectations of 1.833 million. Also, weekly continuing claims unexpectedly rose +649,000 to 21.487 million, showing a weaker labor market than expectations for a decline to 20.000 million.
U.S. Q1 non-farm productivity data today was mixed for T-notes. Q1 non-farm productivit... Read more