Reports of more lockdowns and restrictions across Europe along with a slow vaccine roll-out have helped spark a touch of risk aversion across financial markets this morning. Warnings by the European Central Bank of a possible double-dip recessions haven’t helped either.
Treasury prices are up slightly all along the yield curve and that has pushed the Ten-Year’s yield down a few basis points to 1.08%. The Long Bond rests at around 1.84% while twelve basis points anchors the Two-Year. Crude oil is off more than $1.50 to $51.51 while gold’s slide of $28 takes that price down to $1,842. Domestic equity indices are flashing bright red.
A little later this morning, Markit U.S. will release its preliminary January report for its Manufacturing and Services PMI’s. The Census Bureau is also expected to report that Existing Home Sales fell about 2% last month.