No News is Good News?

It’s a slow news day with no significant economic data releases on today’s calendar and no Treasury auctions other than the weekly sale of three-month and six-month bills. But, it’s Fed week and the FOMC will begin its meeting tomorrow with Chairman Powell’s Press Conference scheduled for Wednesday afternoon. No surprises are expected from the Committee, but, they seldom are.

This morning, major equity indices are pointing up while Treasury prices are off a tick or two, here and there. Two-Year notes are yielding around 13 basis points, the Ten-Year is pretty steady at around 67 basis points, and the Long Bond is a nudge over 1.40%. Crude oil is trying to hang on to $37 while gold is up about $8 to $1,948.