Ultra T-Bond Futures Market News and Commentary
Dec 10-year T-notes (ZNZ20) this morning are up +4 ticks. The 10-year T-note yield is down by -1.7 bp at 0.784%.
Dec 10-year T-note prices this morning climbed to a 1-week high, and the 10-year T-note yield fell to a 1-week low of 0.781%. Strength in 10-year German bunds today is underpinning T-note prices. T-notes also found support after stocks this morning gave up most of their overnight gains. Today's better-than-expected U.S. economic data limited gains in T-notes along with supply pressures ahead of the Treasury's $54 billion 2-year T-note auction later today.
The chances have diminished for a U.S. pandemic relief package before next week's election. House Speaker Pelosi and Treasury Secretary Mnuchin were unable to come to an agreement Monday on a new U.S. pandemic relief package, which is negative for stocks and is positive for T-notes. With U.S. senators leaving Washington for a pre-election break, the chances of passing any stimulus package before next week's... Read more