Reply To: Market Wrap – Snap Wrecked Again as Tesla Sizzles July 21, 2022

#40636
Truman
Participant

U.S. Treasuries are on track for an extension of yesterday’s strong gains after an overnight rally in the futures market. Treasury futures rallied to highs once the focus turned to action in Europe, where flash Manufacturing and PMI readings from Germany and France slipped into contraction.

The early advance in Treasury futures has coincided with gains in European debt, headlined by a 25 bps drop in Germany’s 2-yr yield (0.41%).

2-yr: -10 bps to 2.99%
3-yr: -12 bps to 2.95%
5-yr: -13 bps to 2.88%
10-yr: -11 bps to 2.80%
30-yr: -6 bps to 3.01%