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Short Term Yields Jump as Equities Rout Continues

Yield curve continues to flatten while equities lose for 4th straight day Short-term yields continued to increase on a flattening curve as investors prepare for a more reactive Fed when it comes to inflation. The 2y UST yield rose 5 bps during trading to breach 0.25%, while the 10y decreased another 7 bps to close
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Jobless Claims Rise, Yield Curve Flattens

Jobless claims increase, sending yields lower After yesterday’s sell-off in rates due to the Fed’s hawkish guidance, USTs rallied after weekly U.S. jobless claims unexpectedly increased to 412,000. Rates decreased on the long end of the curve, with the 10y UST yield decreasing 7 bps to close at 1.50%. The yield curve saw some flattening
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Rates Jump on Surprisingly Hawkish Fed

Yields jump as the Fed signals increasing rates Swap rates and yields increased dramatically across the curve after the Fed released its policy announcement. As expected, the Fed kept its benchmark rate range unchanged at 0.0% to 0.25%. However, the outlook became more hawkish, with most Fed officials projecting at least one rate hike in
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Rates Steady as FOMC Meeting Begins

Rates quiet across the curve as FOMC meeting begins The FOMC’s two day meeting began today, and while markets expect the Fed to keep rates unchanged they will be watching for any signs of policy shifts or hints around the potential tapering of the Fed’s bond-buying program. Today’s PPI print, which came in higher than
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Treasury Yields Rise Ahead of FOMC Meeting

Rates rise ahead of FOMC meeting Wednesday’s FOMC announcement is the focal point of the week.  The Fed is expected to leave rates anchored near zero, though most are focused on the central bank’s comments on inflation.  While the Fed remains firm in its outcomes-based approach, many officials have indicated they would like to begin
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Rates Bounce Back Modestly to End Volatile Week

Rates and equities end the week on a high note After a volatile week, Treasury yields and swap rates held near March lows, ending the day 1-3 bps higher across the curve – the 10-year UST closed 3 bps higher at 1.45%.  Major equity indices closed at record highs – the S&P 500, DJIA, and
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Equity Rout Extends Beyond Tech

Equities decline on continued inflation concerns Inflation fears once again drove the market action, the rout in equities going beyond tech stocks as 10 of the 11 S&P sectors declined and the DJIA closed down 1.36% (the DJIA’s largest drop since February). Commodities continue to rally led by copper and iron, and crude oil rose
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Yield Curve Steepens as Tech Drags Down Equities

Tech falls on inflation concerns Although the DJIA breached 35,000 for the first time, tech shares ultimately led all three major indices lower on the day with the Nasdaq decreasing 2.6% on inflation fears. Flaming inflation concerns were commodities prices — copper reaching an all-time high, iron ore increasing more than 10% during trading, and
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Treasury Yields Whipsaw Following April Jobs Report

Disappointing payroll gains sparks rates rally Following the April jobs report, Treasury yields and swap rates immediately fell ~10 bps to three-month lows but later erased much of the decline – the 10-year Treasury yield fell as low as 1.48% before closing the week near 1.57%.  Major US equity indices closed at record highs after
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Equities Rise to Record Highs After Jobless Claims Hit a Pandemic Low

DJIA closes at a record high for the second day in a row Spurring the risk-on sentiment, earlier today the Labor Department reported jobless claims dipped below the 500,000 threshold for the first time since the pandemic began.  US equity indices celebrated the improvement – the S&P 500, DJIA, and Nasdaq rose 0.8%, 0.9%, and
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