As we noted earlier, this is not what the White House was hoping for. Thanks to no T-Bill police being at work today and on the back fo JPY-carry trades, the S&P 500 has now joined the NASDAQ in the green for the day having risen non-stop since Europe closed. Treasury futures are selling off notably too (and were higher in yield long before equities went green) - with the 5Y (shortest maturity trading) the worst hit. It's unclear whether the Treasury weakness is just a reflection of equity exuberance or (given the short end weakness) reflects anxiety over the deadline.
Same Stuff Different Day - JPY-carry funding the levitation in hope...
[5]
As the S&P fills the gap and takes out the stops from Friday...
[6]
and the shorter-end of the Treasury curve selling off more than the rest...
Now - where have seen this price action before?
Charts: Bloomberg