EQUITIES ROSE ON FRIDAY following the nation’s largest banks passing the Federal Reserve’s stress tests. Meanwhile, investors are keeping a watchful eye on the G20 summit in Japan awaiting news of progress toward a resolution to the trade spat. “What investors expect are good talks, no implementation of tariffs right away and a continuation in negotiations.” The 10-year note dipped 1.7 basis points. S&P +0.32%, DOW +0.19, NASDAQ +0.24%.
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FED PRESIDENT MARY DALY of San Francisco believes the time is not right to cut rates, “It’s too early from my perspective to know whether we should use the tool at all and what magnitude of the tool we should apply.” Mortgage rates tumble to 3.73 percent for a 30-year marking a two-and-half year low. Sam Khater Chief Economist at Freddie Mac stated, “While the industrial and trade-related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market.” The 10-year note dipped 3.8 basis points. S&P +0.47%, DOW +0.08, NASDAQ +0.77%.
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US TREASURY YIELDS SPIKE AS INVESTORS BECOME OPTIMISTIC a trade deal with China is likely to occur following the G20 summit in Japan. The trade spat is blamed for initiating a global growth slowdown and the Fed’s recent dovish tone suggesting aggressive rate cuts. The 10-year note spiked 5.7 basis points. S&P -0.01%, DOW +0.08, NASDAQ +0.41%.
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EQUITIES DRIFTED LOWER following an announcement from Federal Reserve President Jerome Powell stating “my colleagues and I are grappling with is whether these uncertainties will continue to weigh on the outlook and thus call for additional policy accommodation“. Currently Wall Street believes there is a 65.7 percent chance of a 25 basis point cut and a 35.4 percent chance of a 50 basis point cut. The 10-year note fell 2.8 basis points settling below 2 percent. S&P -0.95%, DOW -0.67, NASDAQ -1.51%.
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INVESTMENT-GRADE DEBT ROSE SIGNIFICANTLY AGAINST JUNK BONDS in net prices linked to actual trades. Gold prices breached six-year highs settling above $1,400 an ounce following the Fed’s dovish tone after last week’s meeting. The 10-year note fell 3.9 basis points. S&P -0.09%, DOW +0.12, NASDAQ -0.23%.
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