10-Year T-Note Futures Market News and Commentary
Sep 10-year T-notes (ZNU20) this morning are up +9 ticks and the 10-year T-note yield is down -2.3 bp to 0.531%.
Sep 10-year T-note prices this morning climbed to a new 4-3/4 month nearest-futures high, and the 10-year T-note yield is just above Friday's 4-3/4 month low of 0.519%. Weakness in stocks today is boosting safe-haven demand for T-notes. Also, dovish ECB comments today have undercut German bund yields and supported T-note prices.
Stocks are weaker this morning as U.S. lawmakers remain deadlocked in their attempts to reach a compromise on a new pandemic rescue bill. U.S./China tensions are also undercutting stocks and are giving T-notes a boost. An editorial in the state-run China Daily published late Monday said U.S. demands for the sale of China's social media app TikTok to Microsoft is "theft," and China has plenty of ways to respond if the U.S. carries out its demands. President Trump, on Monday, said unless TikTok is sold to a U.S. company by September 15... Read more