Morning Note | Jan 4, 2023 | Tons Of Cuts To Start The Year

Good Morning!

Futures are up small in the second trading day of the year.  Oil is down another 2.5% after a moderate drop yesterday.  The 10-yr yield continues to decline falling another 11 bps to 3.68%.  So same dynamic, global yields lower, futures higher, oil lower.  Oil weakness is being driven by weakening APAC/EU demand sentiment. Futures are being…