5-Year T-Note Sep '19 (ZFU19)
5-Year T-Note Futures Market News and Commentary
Jun 10-year T-notes (ZNM21) on Monday closed up +15 ticks, and the 10-year T-note yield rose +3.9 bp to 1.444%.
June 10-year T-note (ZNM21) prices on Monday closed moderately higher on the heels of a rally in overseas government bond markets. Gains in T-notes were limited Monday by strength in stocks, an easing of the Covid pandemic, and better-than-expected U.S. economic data.
Monday's U.S. economic data was bearish for T-notes. The U.S. Feb ISM manufacturing index rose +2.1 to 60.8, stronger than expectations of +0.2 to 58.9 and the fastest pace of expansion in 3 years. Also, the Feb ISM prices-paid sub-index unexpectedly rose +3.9 to a 12-1/2 year high of 86.0, stronger than expectations of -2.1 to 80.0. In addition, Jan construction spending rose +1.7% m/m, stronger than expectations of +0.8% m/m.
A sharp rally in U.S. stock indexes on Monday curbed the safe-haven demand for government debt and was bearish for T-notes. Stocks rallied... Read more
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