Some traders are worried about President Trump’s visit to Europe and the G-20 summit, or as it is being referred to by many the G-19 + 1 meeting.
And guess who the Plus 1 is?
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He will not be among friends, and traders are concerned he might choose to lash out on trade. President Trump is being viewed like the wedding guest you just hope doesn’t make a scene and ruin the reception.
Bond Market Snapshot
Bond prices are lower on a sell-off in European bonds. A weak French bond auction led to a fall in European bond prices. The way-too-closely watched German 10-year note yield has broken above 0.50% for the first time since January 2016. If this is sustained for a few days, chart traders are worried that a much bigger move is coming. The U.S. 10-year closed at 2.325% yesterday and is 2.38% this morning.
Dwight Johnston is the chief economist of the California and Nevada Credit Union Leagues and president of Dwight Johnston Economics. He is the author of a popular commentary site and is a frequent speaker at credit union board planning sessions and industry conferences.