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US TSYS: Early Market Swings on Universal Tariff Story Denied by Trump

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries look to finish mostly lower, curves steeper (2s10s climbing to new 3Y high of 37.004) with the short end outperforming.
  • Early market swings tied to a Washington Post article reporting the Trump admin was "exploring plans" to apply tariffs to every country “but only cover critical imports”. The report suggests that Trump’s initial tariff plan may track relatively closely with the Biden administration’s targeted tariffs.
  • Both rates and equities surged higher on the article - until Trump denied the watered down approach - with Treasuries reversing course and extending lows by midmorning. Stocks walked back support more gradually, near lows in lat etrade.
  • Record corporate debt issuance for a single session climbed over $50B, rate lock hedging added additional pressure to rates.
  • Tuesday Data Calendar includes JOLTS, ISM Services and Tsy 10Y Re-Open.
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  • Treasuries look to finish mostly lower, curves steeper (2s10s climbing to new 3Y high of 37.004) with the short end outperforming.
  • Early market swings tied to a Washington Post article reporting the Trump admin was "exploring plans" to apply tariffs to every country “but only cover critical imports”. The report suggests that Trump’s initial tariff plan may track relatively closely with the Biden administration’s targeted tariffs.
  • Both rates and equities surged higher on the article - until Trump denied the watered down approach - with Treasuries reversing course and extending lows by midmorning. Stocks walked back support more gradually, near lows in lat etrade.
  • Record corporate debt issuance for a single session climbed over $50B, rate lock hedging added additional pressure to rates.
  • Tuesday Data Calendar includes JOLTS, ISM Services and Tsy 10Y Re-Open.