T-Bond Futures Market News and Commentary
Jun 10-year T-notes (ZNM21) on Wednesday closed down -5 ticks. The 10-year T-note yield rose +1.7 bp to 1.632%.
June 10-year T-note prices (ZNM21) on Wednesday moved lower on carry-over weakness from a decline in German bunds. T-notes extended their losses Wednesday on signs of price pressures after U.S. import prices rose more than expected. T-notes remained in negative territory the rest of the day on mostly hawkish Fed comments.
Wednesday's U.S. economic data was hawkish for Fed policy and bearish for T-notes after the U.S. Mar import price index ex-petroleum rose +0.9% m/m, stronger than expectations of +0.4% m/m and the largest increase in 10 years.
Fed comments on Wednesday were mostly hawkish and bearish for T-notes. Dallas Fed President Kaplan said he sees a Fed rate liftoff sooner than median estimates and that it makes sense for 10-year T-note yields to drift up this year. Also, Fed Chair Powell said the U.S. economy "is enteri... Read more