Bonds Fade on Vaccine News

An announcement by Pfizer and BioNTech that recent clinical trials have shown its vaccine to be extremely effective in preventing COVID-19 infections has roiled markets this morning. DJIA futures are up over 1,400 points as Treasury bonds reel. The sell-off has boosted the Ten-Year’s yield to 91 basis points off of a 1 5/8 point decline in price. The Long Bond has fallen more than 2 points and is yielding around 1.70%. The short-end is little changed with the Two-Year’s yield at around 0.17%. The $3 rally in crude oil has boosted its price to just over $40 while gold’s $42 slip has put that price right at $1,900. No significant economic data releases are scheduled for today.