Treasury Market Summary
Treasury Market Summary: animal spirits roared Friday on hopes for a U.S.-China trade truce and a Brexit breakthrough. Wall Street surged from the get-go and extended gains into the afternoon ahead of the slated meeting between President Trump and Chinese Vice Premier Liu He. Supporting the rally was a report that a partial trade deal had been agreed upon and could set up a truce on the tariff war. The Dow posted a better than 500 point gain before fading at the close on news that while the two parities had come to a "substantial phase one deal," with no tariff hikes on October 15, the deal has yet to be "papered" and that could take a few weeks. Basically Wall Street got what it was hoping for. Of note, though Treasury yields climbed on the risk-on trades, and ended just off the day's cheapest levels. View the summary.