Daily Market Commentary

March 25, 2019

Bonds
Treasury futures idle near session lows after advance during Asian hours was faded as 10-year yields edged back over 2.45%. Price action in futures was choppy, with volumes around 1.5 times the recent average. S&P 500 E-mini futures are off session lows reached as Asia stocks fell (Nikkei-3%).

Economy
Economists have become less worried about a possible U.S. recession this year since Federal Reserve policy makers shifted to a patient stance on interest rates. Forecasters surveyed by the Philadelphia Fed marked down the likelihood of a contraction in GDP for the last three quarters of 2019.

Global
Brazil economists pared their outlook for interest rate increases for the second straight week, and now see only one percentage point of monetary tightening in the next 20 months, starting in May.

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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