Treasury Market Outlook: Treasury yields are lower
Treasury Market Outlook: Treasury yields are lower amid bullish momentum from overseas as equities give back some of Thursday's gains. The 10-year yield slid over 2 bps to 2.366% after closing at 2.41% yesterday. The 2s-10s curve is a a couple of bps flatter at 60 bps. Glits led the drop in European sovereign rates on renewed Brexit worries the Irish border issue could gum up the negotiations. Equities are generally in the red, with the DAX 1% lower with the CAC 40 and FTSE off 0.90% and 0.75%, respectively, as the tech sector resumes its drop after a bit of a reprieve in Asian trading. That overshadowed gains in U.K. and Eurozone manufacturing PMIs. China's Caixin index disappointed with a dip to a 5-month low at 50.8. Today's U.S. calendar features the November manufacturing ISM, November auto sales, and October construction spending. Fedspeak returns in force, with Bullard on monetary policy and the economy; Kaplan is in a moderated Q&A; Harker speaks on inclusive economic growth; and Quarles comments on financial regulations. There are no larger-cap earnings reports.