Eyes on the bond market and tariff talk with no US data on the schedule

April 7, 2025
-FXnews

We could see some Fed talk on TV but I suspect those who don’t need to speak right now would rather watch and see how markets sort themselves out.

At the moment, S&P 500 futures are down 2.8% which is about 2 percentage points above the lows.

The spot I’m watching is bonds. US 10-year yields fell as low as 2.88% at the weekly open but have since run to 3.98%. I don’t think that’s a view on the economy but a troubling sign of forced liquidation or a race to raise capital. It’s early to be worrying about a blowup in basis trades or some other kind of trouble but we saw that at the peak of covid and it forced the Fed to pledge unlimited QE

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