A bit of Risk On

President Trump announced a partial trade deal with Japan in which japan will lower tariffs on U.S. beef, pork and other Ag products.This has lifted cattle and Hog prices… Commentary on Japan from the USTR … U.S. total exports of agricultural products to Japan totaled $13 billion in 2018, our 3rd largest agricultural export market. Leading domestic export categories include: corn ($2.8 billion), beef & beef products ($2.1 billion), pork & pork products ($1.6 billion), soybeans ($947 million), and wheat ($698 million).

President Trump hinting multiple times today that a U.S. China Trade deal could happen soon and we are much closer to a deal then many think. An obvious attempt to push Risk higher and it worked SPX +.3%,Ndx +.8%. An Ugly 5 year auction,Strong Housing Numbers and Trump trade tweets all weighing on Treasury Complex, Yields higher by ~7 bps across the curve.

A Reminder Trump press Conference at 3:00 today

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