10-Year T-Note Futures Market News and Commentary
Mar 10-year T-notes (ZNH21) on Friday closed up +9.5 ticks, and the 10-year T-note yield fell -3.5 bp to 1.094%.
March 10-year T-note prices on Friday rallied to a 1-week high after a sell-off in stocks boosted safe-haven buying of government debt. T-notes extended their gains Friday on mostly weaker than expected U.S. economic data. T-note prices also saw support from the ongoing Covid pandemic after global Covid deaths rose above 2 million.
Stocks retreated Friday and provided support to T-notes on the recognition that the Biden administration's $1.9 trillion pandemic relief package is not likely to pass in its current form. Markets are concerned that Biden's proposals will be watered down by Congressional opposition and that the final version of the stimulus may be well below the $1.9 trillion size. Also, the possibility of higher taxes is negative for stocks but supportive for T-notes.
Friday's U.S. economic data was mostly weaker-than-... Read more