There are no numbers on the calendar this morning, but the pre-market equity rally and sell-off in Treasuries is being blamed on evaporating fears of unwelcome volatility caused by retail investors over the past several days. Or, maybe it’s because it’s Groundhog Day and the reclusive rodent got spooked by his shadow this morning.
Now faced with six more weeks of winter, the Ten-Year’s yield is up to 1.11% with the Long Bond at 1.89%. The Two-Year is unchanged at 11 basis points as the curve re-steepens a bit. Crude oil has rallied a buck-and-a-half to almost $55 while gold’s getting hammered. That price is down $23 so far taking it to $1,838. A little later, Wards Automotive Group will report on last month’s Total Vehicle Sales and they’re expected to come in pretty strong at a 16.15M annualized pace. That would be down slightly from December’s 16.27M, but would mean that sales topped the 16M pace in four of the last five months.