Daily Market Commentary

February 6, 2019

Bonds
Treasuries extend gains, led by belly of the curve, after another futures block equivalent to $345k/DV01 trades. 5-year Treasuries tighten 2 bps.

Economy
The U.S. trade deficit narrowed in November by more than forecast to a five-month low, as imports tumbled by the most in more than two years amid an intensifying trade war. The gap fell 11.5 percent to $49.3 billion.

Global
When Brazil's central bank meets on Wednesday, its outgoing President Ilan Goldfajn will leave the door open for his successor to deliver an unprecedented borrowing cost cut at his first policy meeting.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy or sell.

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