10-Year T-Note Futures Market News and Commentary
Dec T-notes (ZNZ19) on Friday closed down -6.5 ticks. The 10-year T-note yield rose +1.4 bp to 1.833%.
Dec T-note prices moved lower Friday as U.S. stock indexes pushed up to new record highs on positive trade news between the U.S. and China.
Trade optimism soared Friday, which boosted stocks and undercut T-notes, after White House economic adviser Kudlow on Thursday night said that the first phase of a trade deal with China was close though "not done yet" and that "we are coming down to the short strokes" of signing a deal.
T-notes recovered from their worst levels on Friday's uneven U.S. economic data. Oct retail sales rose +0.3%, stronger than expectations of +0.2%. However, Oct retail sales ex-autos rose +0.2%, weaker than expectations of +0.4%. Also, the Nov Empire manufacturing survey general business conditions unexpectedly fell -1.1 to 2.9, weaker than expectations of +2.0 to 6.0. In addition, the Oct import price index fell -3.0% y/y, weaker than expect... Read more