30-Day Fed Funds Jul '20 (ZQN20)
30-Day Fed Funds Futures Market News and Commentary
Jun T-notes (ZNM20) on Thursday closed down -5.5 ticks. The 10-year T-note yield rose +2.1 bp to 0.703%.
10-year T-notes on Thursday closed mildly lower as strength in stocks reduced safe-haven demand for T-notes. Also, supply pressures weighed on T-notes as the Treasury auctioned $38 billion of 7-year T-notes on Thursday, the last leg of this week's $147 billion T-note package. T-notes saw support from weaker-than-expected U.S. economic data.
Stocks on Thursday pushed higher throughout the world on optimism that economic growth will return as countries continue to ease their pandemic lockdowns.
Comments on Thursday from New York Fed President Williams were negative for T-notes when he said that the U.S. housing market "shouldn't suffer long-term damage from what's happening" from the coronavirus pandemic and that negative interest rates are not something that makes sense.
Thursday's U.S. economic data was mostly positive for T-notes. Weekly initial unemp... Read more
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