2-Year T-Note Futures Market News and Commentary
Sep 10-year T-notes (ZNU20) this morning are down -14 ticks, and the 10-year T-note yield is up +8.2 bp at 0.628%.
Sep 10-year T-note prices this morning dropped to a 2-week low, and the 10-year T-note yield jumped to a 3-1/2 week high of 0.638%. A rally in stocks is undercutting T-notes today, along with a stronger-than-expected U.S. PPI report. Finally, supply pressures are pushing T-note yields higher as the Treasury begins its record $112 billion quarterly refunding today with the sale of $48 billion of 3-year T-notes.
U.S. stock indexes are moving higher today and are pressuring T-note prices. Stocks jumped in overnight trading after President Trump Monday night said he's "very seriously" considering a capital gains tax cut through an executive order. Also, falling Covid hospitalization rates in the U.S. gave equities a boost after New York, California, and Texas all reported falling hospitalizations on Monday.
Today's U.S. producer price data was bearish f... Read more