U.S. Stock Futures Are Higher While China Unexpectedly Reduced Key Interest Rates Related to Mortgages

U.S. stock futures are higher:   China unexpectedly reduced key interest rates related to mortgages and this move is expected to buffer the real estate sector.  Other Chinese benchmark rates were kept unchanged.   Chinese officials are trying to counteract the restrictive covid lockdowns, which is having an adverse impact on overall Chinese economic growth.  This rate cut is improving global sentiment, resulting in global markets bouncing up in morning trading.  Treasury yields are basically flat this morning as the general equity markets are slightly improving.  Corporate credit spreads are wider reflecting growth concerns and outflows from the high yield sector.