Market opened today’s session with treasuries slightly advancingacross all maturities. 10-Yeartreasury yield is at 2.3997, 2.67 bps decreased from prior closing of 2.4264.
US equity futures fell this morning as tech sector dragged down investor sentiment. Qualcomm led the decline in the sector in premarket after an unfavorable antitrust ruling. Another confrontation over technology from the White House added to risk off sentiment this morning; the White House is reportedly considering blacklisting 5 Chinese video-surveillance companies which will be barred from using US components or software. After the latest round of trade negotiation hit another impasse, the Trump administration proceeded to target Chinese tech companies and this latest development added more fear to a potential tech cold war. Elsewhere, WTI crude declined below $63 a barrel while the dollar and Treasuries held steady before the latest FOMC meeting minutes.
MBA Mortgage Applications Index rose 2.40% after falling 0.60% in prior week. Purchases fell 2.00% and refinances increased 8.30% after falling 0.60% and 0.50% in prior week, respectively. Later today, the minutes from the latest FOMC meeting will be released at 11:00 AM (PT). St. Louis Fed President Bullard said in an interview with Bloomberg that the Fed may have “slightly overdone it” by raising interest rates in December although it is premature to talk about a rate cut. Investors will seek any hints on potential monetary loosening in the minutes.
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US equity futures fell this morning as tech sector dragged down investor sentiment. Qualcomm led the decline in the sector in premarket after an unfavorable antitrust ruling. Another confrontation over technology from the White House added to risk off sentiment this morning; the White House is reportedly considering blacklisting 5 Chinese video-surveillance companies which will be barred from using US components or software. After the latest round of trade negotiation hit another impasse, the Trump administration proceeded to target Chinese tech companies and this latest development added more fear to a potential tech cold war. Elsewhere, WTI crude declined below $63 a barrel while the dollar and Treasuries held steady before the latest FOMC meeting minutes.
MBA Mortgage Applications Index rose 2.40% after falling 0.60% in prior week. Purchases fell 2.00% and refinances increased 8.30% after falling 0.60% and 0.50% in prior week, respectively. Later today, the minutes from the latest FOMC meeting will be released at 11:00 AM (PT). St. Louis Fed President Bullard said in an interview with Bloomberg that the Fed may have “slightly overdone it” by raising interest rates in December although it is premature to talk about a rate cut. Investors will seek any hints on potential monetary loosening in the minutes.
The curve has bull-steepened with UST 10-Year yield down 2.67 bps.