30-Day Fed Funds Apr '21 (ZQJ21)
30-Day Fed Funds Futures Market News and Commentary
Jun 10-year T-notes (ZNM21) this morning are down -17 ticks, and the 10-year T-note yield is up +9.3 bp to 1.484%.
June 10-year T-note prices this morning are moderately lower. A jump in inflation expectations to a 2-week high today is pressuring T-notes. Also, higher European government bond yields today are weighing on T-note prices. Today's weaker-than-expected U.S. economic data has had a limited impact on T-note prices.
Today's U.S. economic data was supportive of T-note prices. The U.S. Feb ADP employment report rose +117,000, weaker than expectations of +205,000. Also, the Feb ISM services index fell -3.4 to a 9-month low of 55.3, weaker than expectations of unchanged at 58.7.
An easing of the pandemic in the U.S. has reduced the safe-haven demand for T-notes after new daily U.S. Covid infections on Sunday fell to a 4-1/2 month low of 51,367. Also, the pace of Covid vaccinations is increasing as Bloomberg data shows more than 265... Read more
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