Treasury Market Summary
Treasury Market Summary: Trading was choppy amid positioning around the ECB's policy measures and what they might mean for the FOMC next week, along with flows following stronger CPI and jobless claims data, and the ongoing volatility surrounding trade. Outgoing ECB President Draghi delivered a generous parting gift with a 10 bp discount rate cut, while implementing a tiered system, along with an open-ended asset purchase program. Stocks rose and yields plunged, with action turning choppy over the rest of the day, but Treasuries and core bonds ended the day with losses, while risk appetite remained hot. As for the FOMC, it remains on track to cut rates a second time next Wednesday, but aggressive action isn't likely considering the strength in the U.S. economy. View the summary.