Looking at the 10-year notes today, we have a high of 138-005 and a low of 137-095. We should have a very interesting day. Many are expecting Congress to pass a Covid-19 stimulus bill today, but details of what is included in that bill remain unknown.  Two big sticking points that remain are; does congress give money to most democratic states that are in deep financial distress, and are there going to be checks sent out to Americans. There has been talk the checks could be in the $300-$600 range as Pelosi is pushing for higher and McConnel pushing for the lower. We shall see. The other important item on the docket today is the last FOMC meeting today with the announcement coming at 1:00 PM central followed by a Q&A a 1:30 by chairman Powell. Consensus is that there will be no change by the Federal Reserve, but traders will be listening closely for any changes in the wording, which is very important because it gives traders insight on what the fed is thinking go forward. So, as we wait on both announcements today traders should be cautious looking ahead for early afternoon volatility.

10yr T-Note Mar ’21 Daily Chart
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Greg Perlin

Senior Market Strategist
Greg is a former Chicago Board of Trade member. He was an independent floor trader, pit broker and floor broker with Cantor Fitzgerald. Some of his clients included traders from Morgan Stanley and Lehman Brothers. He also acted in the capacity of desk manager for the morning trade desk. Greg was part of the elite Lind Plus Division for 10 years before joining RJO Futures in 2011.
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