Bond markets see another day of mild support

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Published Date 11/21/2025

For weeks markets have been twisted back and forth about a potential Fed rate cut at the FOMC December 10th meeting.

Overnight in a speech in Santiago, Chile NY Fed President John Williams, the most influential regional Fed president, tossed his hat in the ring suggesting a December rate cut could happen. The 10 year note rate at 8 am ET the lowest since October at 4.06%.

Williams: “I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions... Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals.”

At 9:30 am the DJIA opened +172, NASDAQ +123, S&P +33. 10 year at 9:30 am 4.06% -4 bps. FNMA 5.5 30 year coupon at 9:30 am +11 bps from yesterday’s close and +8 bps from 9:30 am yesterday.

At 10 am the University of Michigan consumer sentiment index expected at 50.5, increased to 51.0.

Next week is Thanksgiving week, we don’t have the updated economic reports yet, the bond market set to close on Thursday and a half day on Friday. The stock market will trade all day on Wednesday and Friday.

Source: TBWS

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