US TSYS: Cease Fire Hopes Gradually Ablated
Jun-08 19:30
- Treasuries look to finish weaker for the most part, well off early highs after sentiment jumped on US/IRAN/Israel cease-fire hopes.
- Early "demand" by Pres Trump that Iran & Israel cease fire immediately cooled as saber rattling headlines emerge: "ISRAEL REJECTS IRAN’S WARNING NOT TO HIT LEBANON: KATZ" via Bbg.
- Treasuries reverse course to largely weaker again, low end of session range: TYU6 trades -2 at 109-00.5 vs. 108-25 overnight low - initial technical support. The bear trigger lies at 108-08+, the May 19 low. Clearance of this level would confirm a resumption of the downtrend.
- US equity indexes are running mixed at the moment, scaling off first half highs as US/Iran war de-escalation hopes started to fade. Currently, the DJIA is -.014%, SPX emini +.17% while the tech heavy Nasdaq gained 0.8%.
- WTI Crude ended higher following Iran-Israel strikes overnight and through Monday morning, though pared gains after Iran announced a halt to its military response. The ceasefire is likely to face fresh tests amid continued Israel/Hezbollah conflict in Lebanon. US data this week includes CPI on Wednesday, which is likely to reflect the impact of energy prices on inflation.
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