US 10-Year Treasury Note Yields Fall to 4.23%
US yields fell across the board with the 10-year treasury note yield declining to 4.23% from 4.39% in reaction to the worse than expected drop in CB consumer confidence index. The index which was based on a survey of around 3,000 households regarding their relative level of current and future economic conditions including labor availability, business conditions, and overall economic situation slipped to 98.30 in February 2024, lower than 102.70 forecast, from 104.10 in January. With consumers growing pessimistic about the economic outlook in February, yields fell indicating that a rate cut by the Fed may come earlier than expected. From a technical standpoint, the US 10-year treasury note yield or TNX actually just swung from an interim top. With its recent fall below its pivot handle at 4.40%, TNX is now seen to further decline and fall to at least 4.00%. With US yields seen to fall further, the USDPHP exchange rate may finally break its key pivot handle at 57.73 and allow the peso to stage a more sustained rally. Note that local equities will likely see renewed interest from foreign funds following a rise in the peso against the USD.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
