5-Year T-Note Futures Market News and Commentary
Dec 10-year T-notes (ZNZ20) today are trading slightly lower by -0.5 tick. The 10-year T-note yield is up +1.5 tp a 0.868%.
Dec 10-year T-note prices today are trading slightly lower on Monday's Biden transition news and reports that Janet Yellen will be picked as the new Treasury Secretary. T-note prices are also seeing downward supply pressure as the Treasury later today will sell $24 billion of 2-year floating rate notes and $56 billion of 7-year T-notes, concluding this week's $193 billion T-note package.
T-notes are seeing downward pressure on the higher odds for a bigger stimulus plan in early 2021 with reports Monday afternoon that former Fed Chair Yellen will be appointed by President-Elect Biden as the new Treasury Secretary. Ms. Yellen said in a mid-October interview, "While the pandemic is still seriously affecting the economy, we need to continue extraordinary fiscal support, but even beyond that, I think it will be necessary."
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