Purchase bonds on Powell, promote on Biden

Bonds are being offered exhausting in the mean time, completely erasing the preliminary transfer when Powell mentioned “now shouldn’t be the time to be speaking about exit” with reference to QE. US 10-year yields are up 4.three bps to a session excessive of 1.13%.

It is now clear that bond sellers had been ready for Powell to talk earlier than piling on. That is virtually certainly a commerce on Biden delivering an infinite spending package deal later.

With the rise in yields, the greenback is ticking increased — significantly USD/JPY.

For financial institution commerce concepts, take a look at eFX Plus