U.S. Stock Futures Are Higher While Longer Term Bond Yields Have Inched Down

U.S. stock futures are higher.  Longer term bond yields have inched down roughly 2bps; however, the 3y, 5y & 7y treasury yields are trading above the 10y – inverted yield curve on the intermediate area, the so-called belly of the curve.   Today, the Treasury Department will auction the 2y & 5y notes.  The Fed’s expected interest rate hikes are anticipated to slow economic growth and potentially signaling a recession. The employment report is due on Friday and equity markets are entering the last week of trading before the end of the quarter.  China’s ongoing Covid-19 lockdowns are driving global energy prices lower, as the restrictions may slow China’s economic growth and decrease the demand for crude oil. Both Brent and WTI are down this morning.   European markets are higher and Asian markets closed mixed.