Keep a close eye on the bond market today. Some major levels have given way as the market rethinks the timing and (more importantly) the magnitude of Fed rate hikes.
- US 10-year yields touched the lowest since June 2013 at 2.28%. Last at 2.31%.
- US 30-year yields touched 3.03%, low since May 2013. Last at 3.05%
- The German bund hit an all-time low of 0.858%, breaking the Aug low 0.866%. Last at 0.893%
The event to watch is the 1 pm ET $13 billion US 30-year bond sale. It’s a reopening and is trading at 3.06% on the bid side in the when-issued market.
Tying in with the Fed will be a raft of Fed and central bank comments today.
All times Eastern