Another Trade Headline Sparks Market Reaction

Telling reporters that he had no deadline for a finalized trade deal with China, President Trump has reignited smoldering concerns that an imminent Phase One accord may not be so imminent. In addition, the specter of retaliatory tariffs against France on top of yesterday’s announced tariffs against Brazil and Argentina has sent equity markets reeling while bonds recapture yesterday’s lost ground.

Ten-Year Treasury notes are about a half-point higher today at a yield of around 1.75%. That’s about ten basis points lower than yesterday’s yield and gets that market back to about where it ended last week.