Treasury prices are lower this morning following several large block sales overnight in the futures market, and Asian and European equity markets are weaker today in a follow through to yesterdayai??i??s tech-led plunge in U.S. stocks. S&P 500 futures are pointing to a modest recovery at the open this morning (+14 points). There werenai??i??t really any major headlines overnight, and the economic calendar is essentially empty today outside of two Fed speakers (Kashkari and Brainard). The focus now shifts to Fridayai??i??s employment report and speech by Fed Chair Powell. Three-month LIBOR reset higher for the 40th consecutive day (2.321% today), and the yield curve has steepened slightly this week after reaching a new post-crisis low for the 2-year/10-year Treasury yield spread on March 29.
Jason Haley
Managing Director, Investment Management Group
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