Скачать или смотреть 10-Year Note futures dropped on changing Fed expectations and weak auction demand. 11/13/25

10-Year Note futures are trading lower for a second consecutive session, hitting the low end of the range for the week and trading back down to one-week lows. The driving factor for the selling pressure is comments from Fed officials indicating they are not convinced about a rate cut in December, shifting the dynamic to a roughly 50/50 spread in the CME FedWatch tool. This factor, coupled with weak demand in the 10-Year auction yesterday and a similar outcome in today's 3-Year auction, is contributing to higher yields and lower futures prices. The 10-Year yield is up 3.5 basis points today to 410 basis points. Higher yields are seen across the entire curve, with a slight steepening as the back end (20-Year and 30-Year) is up 4.5 to 5 basis points, while the 2-Year is up 2.5 to 3 basis points.

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