Daily Market Commentary

June 26, 2020

Bonds
Treasury yields lower by 1bp to 2bp across a flatter curve with 2s10s, 5s30s spreads tighter by around 0.5bp; 10-year yields ~0.67%, richer by 1.6bp vs Thursday close.

Economy
U.S. consumer spending surged by a record in May -- while remaining below pre-pandemic levels -- as Americans spent relief payments and ventured out of their homes to newly reopened stores and
restaurants.

Global
China’s June purchasing managers’ indexes should show a stronger expansion in manufacturing, aided by the gradual re-opening of economies overseas. The recovery in the service sector may have slowed due to fresh outbreaks of the coronavirus, though robust construction.

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 when to buy or sell.

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