Treasury Bonds Continue Their Slide

Investors who awakened to higher Treasury yields yesterday can do it again today. In early trading, yesterday’s sell-off continues as the Ten-Year’s yield moves up a bit more to 95 basis points; ditto for the Long Bond at 1.73%. The Treasury will be coming to market with $41B Ten-Year notes today. In pre-opening trading, the DJIA is almost up another 200 points after yesterday’s big vaccine rally.

Earlier today, the National Federation of Independent Businesses reported that its Small Business Optimism Index didn’t go anywhere in October and remains at September’s level of 104 and that’s about what was expected. A little later this morning, the BLS will publish its Job Openings and Labor Turnover Survey for September and not much change is expected from the prior month’s results. Among other things, the report is expected to show that the number of new openings increased slightly to 6.5M from 6.49M.

Meanwhile, crude oil is managing to hold on to its $40 handle with gold up $15 to $1,878. First thing tomorrow, the BLS will issue its October report for the Consumer Price Index.