Treasury Yields at a Critical Technical Juncture

Treasuries are now priced for less than what the Fed is signaling to do

Highlights

• Equities broaden out, but valuations and sentiment remain headwinds

• Insider selling hits record highs

• European stocks deserve a look

• Where is the consumer resilience?

While We Were Sleeping

We kick off the day and holiday-shortened week with the global equity market on its back foot. U.S. futures are enduring a rare day in the red but the earlier losses are in the process of being clawed back in the past few hours. European markets were off -0.4% after the open but have swung back to flat — defense stocks are surging in the aftermath of the ISIS terrorist attack in Moscow (all market quotes are time-stamped to 4:00 a.m. EDT). Asia closed down right across the board: Japan’s Nikkei 225 (-1.2%), China’s Shanghai Composite, (-0.7%), Thailand (-0.6%), Korea (-0.4%), Singapore (-0.4%) and Taiwan (-0.2%), to name a few.