10-Year T-Note Futures Market News and Commentary
Dec 10-year T-notes (ZNZ20) on Friday closed up +9 ticks. The 10-year T-note yield fell -4.5 bp to 0.837%.
Dec 10-year T-note prices on Friday crept higher throughout the day and settled with moderate gains. T-notes rallied on concern that rising global Covid infections will undercut economic growth and force the world's central banks to maintain or even expand their overly easy monetary policies. Also, T-notes have support on speculation that bond dealers will purchase longer-term government debt before the end of November to extend duration in their bond portfolios.
T-notes also have carry-over support today from Wednesday afternoon's release of the Nov 4-5 FOMC meeting minutes that opened the door for the Fed to shift securities purchases to the longer-end of the curve or perhaps boost the overall level of buying. The minutes said that most members favored linking bond buys to economic outcomes and that "many participants judged that the FOMC might... Read more