Posted 11/28/2023, 3:25:53 PM
Treasuries Rally, Consumer Confidence Rebounds As Markets Eye Economic Signals on Rate Hike Path
- Treasuries pushed higher as traders analyzed remarks from Federal Reserve speakers and economic data for clues on further rate hikes. Two-year US yields dropped 9 basis points to 4.8%.
- US consumer confidence rose for the first time in 4 months in November. Home prices hit a fresh record high according to S&P CoreLogic Case-Shiller data.
- Equity markets showed mixed performance. The S&P 500 was little changed after hitting "overbought" levels recently. Bank of America clients were net buyers of US stocks last week.
- Hedge funds piled into bullish dollar bets this month despite the currency's slide on softening economic data and falling rate hike expectations.
- The most active US Treasury investors are the most bullish they've been in 30+ years - 78% were positioned net long, up from 56% last week. None were positioned short.