Markets were on pins and needles as to if Powell would be open to the possibility of a rate hike. He hardly sounded hawkish Wednesday. A dovish message hardly helps cool down the positive wealth effect coming from equities and … Continued
In the latter part of last week, tech delivered, helping the major US equity indices rally big. Two issues could make or mar this week. The FOMC meets, and two more tech behemoths report earnings. The FOMC meets this week, … Continued
Following futures positions of non-commercials are as of April 23, 2024. 10-year note: Currently net short 353.9k, down 8.1k. The FOMC meets next week. This is the year’s third scheduled meeting and five more remain after this. The two-day meeting … Continued
Following futures positions of non-commercials are as of April 16, 2024. 10-year note: Currently net short 362k, down 144.8k. Last October, the 10-year treasury yield peaked at five percent, having rallied from 3.25 percent in April. In the week to … Continued
Following futures positions of non-commercials are as of April 9, 2024. 10-year note: Currently net short 506.9k, down 63.1k. In the past month, the 10-year treasury yield went from 4.04 percent on March 8th to Thursday’s high of 4.59 percent. … Continued
The 10-year T-yield just poked its head out of 4.30s resistance. Economic data in recent weeks have come in much stronger than expected. Although it is hard to argue the rally in rates will have staying power – unless, of … Continued
Following futures positions of non-commercials are as of April 2, 2024. 10-year note: Currently net short 570k, down 8.4k. Minutes for the March 19-20 FOMC meeting are due out Wednesday. At this point, no one probably cares what the members … Continued
Following futures positions of non-commercials are as of March 26, 2024. 10-year note: Currently net short 578.3k, up 4.3k. Well, looks like a battle of sorts is brewing within the FOMC. Recent commentary from Federal Reserve Chair Jerome Powell has … Continued
Following futures positions of non-commercials are as of March 19, 2024. 10-year note: Currently net short 574k, down 29.5k. It was almost as if Jerome Powell, Federal Reserve chair, did not want equities to go lower. That is the feeling … Continued
Yet again, equity bulls successfully denied bears of an opportunity to build on incipient downside momentum. Action in the last two weeks had given the latter some opening, but the door was slammed shut after Wednesday’s FOMC meeting. It increasingly … Continued