Risk appetite wilts, Treasury yields fall below key level

Taxes and Trump the stories

USD/JPY is at an 11-day low as risk appetite worsens on the combination of the phase-in of Trump’s tax plan and the Trump-Russia story back on the front page. In the past, the Trump-Russia moves have faded quickly but if the phase-in of the 20% corporate tax rate report is true, it’s not as good as the stock market had hoped.

In the latest slide, USD/JPY edged below last week’s low and to the worst level since Oct 19.

The S&P 500 is down 10 points to erase half of Friday’s loss but the main spot to watch is bonds. The 10-year Treasury yield is down 3 bps to 2.37%, back below the critical 2.40% zone.

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