Treasury Yields Slightly Rise ahead of US-China Meeting
Market opened today’s session with treasuries inching lower across all maturities. 10-YearTreasury yield is at 2.0154, 0.14 bp increased from prior closing of 2.0140.
US equity futures rose this morning, led by banks including JP Morgan Chase, Morgan Stanley, Citigroup, Wells Faro, Goldman Sachs, and Bank of America who all passed the Fed’s annual stress test and got approval to boost dividends and share repurchase programs. All eyes now turn to the G-20 summit in Japan where President Trump and China’s Xi are set to meet tomorrow. While President Trump didn’t promise not to impose additional tariffs on China, he predicted that the meeting would be productive “at a minimum”. On the other hand, Xi warned that “bullying practices” won’t work. President Trump already met several leaders at the summit including Russia’s Putin whom he jokingly warned not to meddle in the upcoming US election. Elsewhere, WTI crude slightly edged higher this morning, on track for its best month since January.
Personal Income in May came in unchanged from prior reading of 0.50% vs. 0.30% consensus, and Personal Spending declined to 0.40% from an upwardly revised prior of 0.60% while consensus called for 0.50%. MNI Chicago PMI in June declined to 49.70 vs. 53.50 estimate, following 54.20 in prior month. Lastly, University of Michigan Sentiment inched higher to 98.20 from a prior reading of 97.90 while consensus called for 97.90 as well.
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US equity futures rose this morning, led by banks including JP Morgan Chase, Morgan Stanley, Citigroup, Wells Faro, Goldman Sachs, and Bank of America who all passed the Fed’s annual stress test and got approval to boost dividends and share repurchase programs. All eyes now turn to the G-20 summit in Japan where President Trump and China’s Xi are set to meet tomorrow. While President Trump didn’t promise not to impose additional tariffs on China, he predicted that the meeting would be productive “at a minimum”. On the other hand, Xi warned that “bullying practices” won’t work. President Trump already met several leaders at the summit including Russia’s Putin whom he jokingly warned not to meddle in the upcoming US election. Elsewhere, WTI crude slightly edged higher this morning, on track for its best month since January.
Personal Income in May came in unchanged from prior reading of 0.50% vs. 0.30% consensus, and Personal Spending declined to 0.40% from an upwardly revised prior of 0.60% while consensus called for 0.50%. MNI Chicago PMI in June declined to 49.70 vs. 53.50 estimate, following 54.20 in prior month. Lastly, University of Michigan Sentiment inched higher to 98.20 from a prior reading of 97.90 while consensus called for 97.90 as well.
The curve has bear-steepened with UST 10-Year yield up 0.14 bp.