Trump Today: Fed chair is bad. He will pick a new chair in the next few weeks

Pres. Trump is speaking and with so many balls in the air, his comments are of market interest.

• Says we have a bad Fed Chair.
• Will pick a new Fed Chair in the next few weeks.

On Iran:

• When asked about hell on the way to Iran, says you are going to find out.
• He says it is a good idea if Americans about away from Iran.
• Says Canada wants a USMCA Trump says we don’t need it. (of course it was an agreement he made with Canada)

In other news,

The US treasury auctioned off $22 billion of 30 year bonds

The auction was met with strong demand:

• WI level at the time of the auction was 4.833%.
• High-yield came in at 4.825%
• Tail -0.8 basis points versus 6 month average of +0.5 basis points
• Bid to cover 2.42x vs 6 month average 2.34X
• Directs 21.3% vs 6 month average of 23.9%
• Indirects 66.77% versus 6 month average of 63.7%
• Dealers 11.9% versus 6 month average of 12.4%.

A look around other markets shows the major stock indices are lower. Yesterday the down S&P closed at record levels.

• Dow industrial average -0.78%
• S&P index -0.37%
• NASDAQ index -0.21%

Yields are moving lower helped by the strong auction:

• 2-year yield 3.524%, -2.3 basis points
• 5 year yield 3.737%, -2.9 basis points
• 10 year yield 4.167%, -2.0 basis points
• 30 year yield 4.828%, -1.2 basis points

This article was written by Greg Michalowski at investinglive.com.