Breakfast Bites - Spending concerns weigh on the market
Long-term yields continue to rise; Flash PMIs in focus today
Rise and shine everyone
US Equity futures are flat this morning after yesterday’s sell-off. The market took yesterday’s 20-year bond auction quite hard, calling it a failed auction.
It would seem that Moody’s successfully lit a fire under fears of unsustainable debt levels. Other important figures such as Jamie Dimon are also piping in with their warnings.
The House has passed President Trump’s proposed tax bill, and this is also some cause for concern as we discussed yesterday, and fueling fears of higher US deficit levels.
Yields on the long-end are trending higher. The US 30Y yield is pushing past levels last seen in 2007.
