December 2026 USD was up at 101.560 and December 2026 crude was higher at 101.10, while the December 2026 30-year T-Bond was lower by 1 tick at 107.23. Equity futures were weaker, with the September 2026 S&P 500 E-mini down 74 ticks at 7686.00, and December 2026 gold down at 4039.20. Asian markets traded mixed and Europe was also mixed. Key scheduled data included Flash Manufacturing PMI and Flash Services PMI at 9:45am EST, followed by revised University of Michigan Consumer Sentiment and revised inflation expectations at 10am EST.
Cross-Asset Relationships And Treasury Note Movements
The note also referenced cross-asset relationships, contrasting 2-year Treasury note futures (ZT) with US equity index futures, and pointing to a move around 7:30am EST in which the 2-year fell as the Dow rose. It stated the ZT front month is now December 2026 and described a potential move of “about a dozen plus ticks” per contract, with each tick valued at $6.25. Market direction was presented as having moved lower the prior session, with the Dow down 112 points, alongside commentary that higher-than-expected crude inventories coincided with firmer markets.
