OPEC’s Catch-22

OPEC’s Catch-22 Explained, ISM Manufacturing PMI Analysis, futures are modestly lower as the Trump-Xi “trade truce” continues to be digested this morning while the yield curve flattened further overnight, underscoring growth concerns, the major underlying story this morning is the yield curve as the 2’s-10s spread compressed to new lows overnight (13bp) and the 2’s-5’s actually inverted. and more.