10-Year T-Note Futures Market News and Commentary
Jun T-notes (ZNM20) on Tuesday closed down -16 ticks. The 10-year T-note yield rose +7.4 bp to 0.744%.
Jun 10-year T-note prices on Tuesday fell to a 1-week low and the 10-year T-note yield rose to a 1-week high of 0.782%. Stocks rallied sharply Tuesday on hopes that the spread of the coronavirus is slowing, which is reducing the safe-haven demand for T-notes. Italy, France and Germany on Tuesday announced lower numbers of new coronavirus cases, and China reported no new deaths for the first time since the pandemic emerged, although Spain did report an uptick in deaths. Confirmed cases of the coronavirus have risen above 1,410,000 globally with deaths exceeding 81,000.
Tuesday's U.S. economic data was bearish for T-notes after Feb JOLTS job openings fell by -130,000 to 6.882 million, which showed a stronger labor market than expectations for a larger decline to 6.500 million. Also, Feb consumer credit rose +$22.331 billion, stronger than expectations of +$14.0 billion... Read more