The bond market turns its attention to Biden

Author: Adam Button | Category: News

Buy bonds on Powell, sell on Biden

Bonds are being sold hard at the moment, totally erasing the initial move when Powell said "now is not the time to be talking about exit" in regards to QE. US 10-year yields are up 4.3 bps to a session high of 1.13%.
Buy bonds on Powell, sell on Biden

It's now clear that bond sellers were waiting for Powell to speak before piling on. That's almost surely a trade on Biden delivering an enormous spending package later.

With the rise in yields, the dollar is ticking higher -- particularly USD/JPY.

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