Treasury Market Summary
Treasury Market Summary: The markets continued to pivot on trade developments. Just when investors felt it was safe to go back into Wall Street, trade angst reared its ugly head again. Wall Street reversed course and tumbled about 0.3%Yields dropped several basis points late in the day, capturing a bid from the downturn on Wall Street as trade worries again weighed on investor sentiment. The markets were much more calm through the session, however, compared to the wild swings of late. Treasury rates slid a handful of basis points as equity indices beat a quick retreat, turning modest gains into modest losses, after comments from President Trump that he didn't need a big trade deal ahead of the 2020 elections, and with the abrupt cancellation of a Chinese delegation's trip to farms in Montana. Fedspeak was back in the picture too, filling a data void, though it showed the same disparate views seen in Wednesday's FOMC decision. The repo market was still a focal point as the NY Fed indicated it will continue with repos to bridge quarter-end. View the summary.