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Treasury prices are lower and the curve steeper after the Eurozone PMI stabilized from its two-month decline, printing 55.2 vs 54.9 expected. The ten-year treasury yield hovers close to 3% as signs of trade tension ease are expected to put upward pressure on commodity prices, forcing inflation expectations higher. S&P futures are up…

Treasury prices are little changed this morning following fairly balanced buying/selling in the overnight session. Yields are up 15-20 basis points across the curve over the last two weeks, and the rise in long-end yields coincides with a 10 basis point increase in market inflation expectations over that timeframe. Yesterday’s sell-off in rates also included…

Treasury prices are lower again today on supply pressures from Europe (government bond issuance), hawkish comments from European Central Bank (ECB) sources, and higher commodity prices. The yield curve is also modestly steeper today. The ECB headlines are not exactly fresh news. The central bank has been expected to alter its forward policy…

It was another positive overnight session for risk markets, with virtually all major equity indices higher on the day, and S&P 500 futures are currently up 9 points. The lack of negative headlines and risk-on sentiment is also pushing Treasury prices modestly lower and credit spreads tighter. Treasuries have traded in a fairly…

The tone in risk markets remained positive overnight, with some headlines suggesting progress in China/U.S. trade negotiations. Treasury prices are little changed at the moment, and credit spreads are slightly tighter. While a Wall Street Journal is reporting that the White House is considering a new trade complaint against China (technology related), equity…

Risk markets were positive overnight on the perception that the Syrian missile strikes were an isolated event and not the start of a prolonged military campaign. S&P 500 futures are currently up 15 points, and the Treasury curve is modestly steeper. Investors remain anxious of the three primary macro headwinds (geopolitics, trade tensions,…

Treasury prices are unchanged across the curve following a relatively quiet overnight session, and S&P 500 futures are currently up 14 points in response to strong Q1 earnings reports and a lack of major (negative) macro headlines. The slope of the Treasury curve (2-year/10-year spread) continues to hold near a post-crisis low of…

It was a fairly quiet overnight session, but stocks bounced higher this morning in response to another tweet from President Trump regarding Syria. The president said he never committed to an attack on Syria, and any such action “could be very soon or not so soon at all!” S&P 500 futures are currently…

Risk markets are struggling again this morning following a tweet from President Trump threatening airstrikes in Syria are imminent. S&P 500 futures are down 22 points ahead of the open, and Treasury prices are higher across the curve (10-year yield back down to 2.75%). The president’s airstrike warning was directed at Russia, which…

After giving up much of yesterday’s gains toward the end of the trading session (Cohen/Trump headlines), stocks bounced higher overnight in response to Chinese President Xi’s attempt to diffuse the current tensions with the United States over trade practices. Xi pledged a “new phase of opening up” the Chinese economy and to cut…