A Few headlines

A few headlines from today:

  • The NY Fed Nowcast tracks 2Q growth at -31.22%
  • (BFW) *2Y-5Y TREASURIES SURGE; YIELDS FALL TO NEW RECORD LOWS
  • The change in open interest on FF contracts would suggest that this is something more than just negative rate bets on the back of short covering or IOER hike expectations gone wrong. The increase in open interest (especially on FFF1 and FFM1) suggests fresh money looking at the potential for negative rates.(IFR news)
  • Folks starting to take the possibility of negative rates seriously…”Biggest one-day jump in the implied volatility of the two-year Treasury yield over the next three months since August as folks start to wonder if the ZLB isn’t the ZLB”  (Bloomberg).
  • Staffer of Mike Pence tests positive for the virus,second white house staffer this week
  • Vix < 29 lowest since 3-3
  • June Live cattle continues to rally as Spot trades of $115 are reported up from $110 on Wednesday and $95 last week.Maybe a bit of squeeze in M/Q calendar spread
  • Russell +2.96%,S&P Midcap 400 +2.87% SOX +2.4%,SPX +1.3% and NDX +1.1%

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