30-Day Fed Funds Futures Market News and Commentary
Jun T-notes (ZNM20) this morning are up +22 ticks. The 10-year T-note yield is down -3.7 bp to 0.638%.
Jun 10-year T-note prices this morning rallied to a 2-week high, and the 10-year T-note yield fell to a 2-week low of 0.624% on the likelihood the U.S. economy will be shut down for longer than anticipated. A rally in European bond markets today also supported gains in T-notes prices.
Concern that U.S. economic activity will be shut down longer than expected is boosting T-notes today after President Trump on Sunday said that he will heed advice from doctors and not try to restart U.S. activity by Easter weekend. He instead said that Americans will need to practice "social distancing" until at least April 30. The global number of coronavirus cases shows no signs of slowing as confirmed number of cases of the coronavirus has risen above 735,000 with deaths exceeding 34,000.
This morning's comments from St. Louis Fed President Bullard were bullish for T-notes when... Read more