2-Year T-Note Futures Market News and Commentary
Dec 10-year T-notes (ZNZ20) this morning are up +9 ticks, and the 10-year T-note yield is down -4.1 bp at 0.653%.
Dec 10-year T-note prices are pushing higher this morning as a slump in global equity markets has fueled safe-haven buying of T-notes. Also, a rally in 10-year German bunds today is underpinning T-note prices. T-notes also have support from concern that a resurgence of Covid infections will derail the global economic recovery and prompt the world's central banks to maintain or even expand their QE programs.
Stocks are sharply lower this morning, which is bullish for T-notes. The S&P 500, the Dow Jones Industrials, and the Nasdaq 100 Stock Index, all fell to 1-1/2 month lows this morning, led by losses in global bank stocks. Bank stocks are under pressure today after an investigation by the International Consortium of Investigative Journalists (ICIJ) said that major global banks have "kept profiting from powerful and dangerous players" over the past two deca... Read more