A risk off tone has taken hold of the market to start the third quarter of this year. Equity futures are all in the red with the major US indices down 0.25% as investors rotate into safe haven assets like Treasuries. Treasury yields are down 7 to 14 bps across the curve. The catalyst remains concerns over a hard landing as the Fed and other central banks work to combat inflation.
As a reminder, the bond market will be closing early today at 2 PM EDT ahead of the Independence Day holiday on Monday.
Hafizan Hamzah
Senior Director, Investment Management Group
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