ProShares UltraShort 20+ Year Treasury ETF (TBT) - NYSEARCA
  • Wed, Jul. 20, 2:04 PM
    • With much of the globe's "safe" sovereign debt trading at negative yields, investors worldwide have been snapping up long-dated Treasurys whose yields positively tower over the alternatives.
    • It's a dangerous game, says Oksana Aronov of JPMorgan, noting the real yield on the U.S. 10-year is negative, the lowest since 1980, and actually lower than similarly-dated Japanese paper.
    • "We’re seeing this tremendous flow into the bond space at a time when the risks are, frankly, unprecedented,” Aronov tells Bloomberg. "There is no free lunch, and on a real basis, you are really not buying something that's of tremendous value."
    • The 10-year Treasury yield is higher by 2.75 basis points today to 1.582%.
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Wed, Jul. 20, 2:04 PM | 8 Comments
  • Tue, Jul. 19, 9:10 AM
    • With markets having shrugged off the Brexit vote, Fed officials are growing more confident about raising rates before year-end, and possibly as early as September, writes Jon Hilsenrath.
    • Though no change is nearly assured at the late-July FOMC meeting, the policy statement may signal belief the economy is on more solid ground than when the dovish call was made at the June meeting.
    • That could be a surprise for traders, who have currently priced in only about a 12% chance of a September Fed move.
    • The 10-year Treasury yield is lower by 1.6 bps this morning to 1.57%. TLT +0.4%, TBT -0.8%
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Tue, Jul. 19, 9:10 AM | 18 Comments
  • Fri, Jul. 15, 10:19 AM
    • The 10-year Treasury yield continues to make its way back to its pre-Brexit level, up another five basis points to 1.59%. Helping the move today were stronger-than-expected reads on June retail sales and inflation.
    • The 10-year was in the 1.70% area prior to the vote, and dropped to about 1.35% in the days after. TLT -0.7%, TBT +1.4%
    • Short-term rate futures markets are again pricing in a sizable chance of a rate hike this year, roughly 40% at the moment. At one point in early late June, the chance of a rate hike had been pushed all the way back to 2018.
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Fri, Jul. 15, 10:19 AM | 1 Comment
  • Tue, Jul. 12, 1:31 PM
    • With Europe having mostly erased its post-Brexit declines, and the U.K. and U.S. both higher today than they were prior to the vote, flight-to-safety types are headed for the exits.
    • The U.S. 10-year yield is up by another nine basis points today to 1.52%, its highest level this month. The two-year yield is up five bps to 0.685%, its strongest since the vote. TLT -1.7%, TBT +3.4%
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Tue, Jul. 12, 1:31 PM | 6 Comments
  • Mon, Jul. 11, 9:35 AM
    • Analysts, including head of global interest rate strategy Matthew Hornbach, had recommended buying the long-duration government paper of the U.S., Germany, Japan, and U.K. ahead of the June 23 Brexit vote.
    • After the massive rally since the shock result - and with yields for all four countries at all-time lows - the team suggests it's time to cash in those winning chips.
    • With the Brexit vote fading further into the rearview mirror and equity markets continuing to rally, government bond yields are higher across the board today. The U.S. 10-year is up four basis points to 1.40%. TLT -0.35%, TBT +0.7%
    | Mon, Jul. 11, 9:35 AM | 1 Comment
  • Fri, Jul. 8, 11:25 AM
    • The Fed is not likely to see today’s jobs report (I, II) as a reason to raise short-term interest rates at this month's meeting, but the numbers do increase the chances of a rate hike as early as September, WSJ's Jon Hilsenrath writes.
    • The pace of job creation appears to have cooled in recent months, despite the strong June results - for Q2 as a whole, payroll growth averaged 147K/month, down from 196K in Q1 and 229K in 2015 - but the slowdown was not as severe as officials feared a month ago.
    • Hilsenrath believes Fed officials now will want to see follow-through and make sure the economy is really on its feet after a volatile H1, and will want to be sure markets are stable in the wake of the Brexit vote.
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, TLH, SBND, VGLT, UBT, DLBS, TLO, LBND, DLBL, TYBS, VUSTX
    | Fri, Jul. 8, 11:25 AM | 3 Comments
  • Wed, Jul. 6, 8:18 AM
    • "As a pension fund, you’ve got to be scared that rates could actually go lower,” says Shyam Rajan, head of U.S. rates strategy at BAML. With the $3T U.S. corporate pension industry needing to throw its rate assumptions out the window, retirement funds could add a great deal of fuel to the current bond market rally.
    • Pension funds currently have just 6% of their assets in Treasurys, half of the peak seen in the 1980s.
    • Rajan: “There’s a perceived permanence to this rate rally. If you were assuming that rates were going to go back to 3 percent, that’s not going to happen anytime soon.”
    • The 10-year yield is down by another 4.4 basis points today to a new record low of 1.333%. TLT +0.8%, TBT -1.6%
    • ETFs: TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Wed, Jul. 6, 8:18 AM | 3 Comments
  • Tue, Jul. 5, 3:34 AM
    • Treasuries began a holiday-shortened week right where they left off, with 30-year yields sliding to an unprecedented 2.15% and the 10-year falling to a record 1.378%.
    • "It's quite difficult to judge how low is too low for yields amid a slower outlook for global growth," said Tomohisa Fujiki, strategist at BNP Paribas. "Prior to the U.K. referendum, this [Friday's] payrolls report was considered one of the most important events to watch."
    • According to fed fund futures data, the probability of a U.S. rate hike by year-end now stands at 12%, from 59% a month ago.
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Tue, Jul. 5, 3:34 AM | 3 Comments
  • Fri, Jul. 1, 5:09 AM
    • The U.K.'s 10-year government yield sank another 6 basis points overnight to a fresh low of 0.81% after Mark Carney suggested the BoE could cut rates this summer as the economy suffers from "post-traumatic stress disorder."
    • Gilt yields on short-term paper also fell into negative territory for the first time.
    • U.S. Treasury prices are joining the party ahead of the New York open, with the 10-year yield dropping 11 bps to a decade low of 1.378% this morning.
    • ETFs: TLT, TBT, TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Fri, Jul. 1, 5:09 AM | 10 Comments
  • Tue, Jun. 28, 12:51 PM
    • It's not exactly a rip-roaring bounce, but it's a bounce nonetheless, with the Stoxx 50 (NYSEARCA:FEZ) closing up 2.1%, led by 2.6% gains in the U.K. (NYSEARCA:EWU) and France (NYSEARCA:EWQ). Germany (NYSEARCA:EWGrose 1.9%.
    • Alongside is a pretty lame rebound in the pound (NYSEARCA:FXB), up 0.8% vs. the dollar to $1.3330.
    • Meanwhile interest rates aren't really buying it. The 10-year U.S. Treasury yield is up just 3 basis points to 1.46%, and the German 10-year Bund yield higher  by just 1 basis point. TLT +0.2%, TBT -0.4%
    • The Nasdaq's 1.6% gain is leading U.S. stocks. The S&P 500 is up 1.1% and the Dow 0.9%.
    | Tue, Jun. 28, 12:51 PM | 8 Comments
  • Mon, Jun. 27, 5:12 AM
    • British 10-year sovereign bond yields have dropped below 1% for the first time to hit a new record low.
    • The fall came after Moody's downgraded its U.K. sovereign rating to negative from stable, citing diminished policy predictability and economic effectiveness as a result of the EU referendum.
    • Meanwhile, 10-year U.S. Treasury yields have extended their fall to 1.47%, tumbling 10 basis points this session.
    • ETFs: TLT, TBT, TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Mon, Jun. 27, 5:12 AM | 22 Comments
  • Sun, Jun. 26, 8:53 PM
    • Dow (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) futures are lower by 0.65% and Nasdaq 100 (NASDAQ:QQQby 0.8% in early Sunday evening action.
    • Also open for business are FTSE 100 (NYSEARCA:EWU) and Dax (NYSEARCA:EWG) futures, and they're off 2% and 1.5%, respectively.
    • In early Monday trade, Japan and Australia are in the green after their plunge on Friday.
    • The British pound (NYSEARCA:FXB) is down another 2.15% vs. the dollar and the euro (NYSEARCA:FXE1%.
    • The 10-year Treasury yield (TLT, TBT) is off another five basis points to 1.50% - a new four-year low, and within shouting distance of its all-time low of 1.395% hit on July 23, 2012.
    | Sun, Jun. 26, 8:53 PM | 111 Comments
  • Fri, Jun. 24, 7:41 AM
    • The 10-year Treasury yield has plunged a full 21 basis points to 1.53% after the U.K. voted to leave the EU. It's the largest one-session decline since the panicky late summer of 2011. TLT +3%, TBT -6% premarket
    • Short-term interest rate futures have now begun pricing in a rate cut, with the Oct. 2016 Fed Fund contract at 99.67 three basis points higher than the July contract.
    • The German 10-year Bund yield is down a whopping 17 basis points to negative 0.07%. The U.K. 10-year Gilt yield is off 30 basis points to 1.07%.
    • Yields on the periphery are headed the opposite way - the Italian 10-year is up 14 bps to 1.45%, and Spain is up 12 bps to 1.6%.
    • The 10-year JGB yield is down 5.6 bps to negative 0.196%.
    • Previously: Futures down sharply as Europe crashes post-Brexit (June 24)
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Fri, Jun. 24, 7:41 AM | 43 Comments
  • Thu, Jun. 23, 9:47 PM
    • Panicky equity markets have money pouring into the safety of U.S. Treasurys, with the 10-year yield off eight basis points to 1.66%. TLT +0.55%, TBT -1.1% after hours.
    • Gold (NYSEARCA:GLD) is seeing a bit of a bid, up 0.65% to $1,271 per ounce. WTI crude oil (NYSEARCA:USO) is lower by 1.6% to $49.30 per barrel.
    • Previously: Markets crumble on Brexit shocker (June 23)
    | Thu, Jun. 23, 9:47 PM | 5 Comments
  • Tue, Jun. 21, 10:36 AM
    • Just in case there was still anybody holding out for a July rate hike, Janet Yellen quashed that idea in her Humphrey-Hawkins testimony. Mostly repeating the memes from the FOMC policy meeting and her press conference last week, Yellen cites "considerable uncertainty" about the economic outlook, and the potential for the Brexit vote to shake up the markets.
    • Yellen still expects gradual increases in rates as economic headwinds subside.
    • The initial question from the Senate panel is about forward guidance, and, while the Fed still provides it, Yellen acknowledges it's not being relied upon nearly as much today as in the months and years following the financial crisis.
    • Stocks (SPY +0.1%) are marginally higher, and the 10-year Treasury yield is lower by one basis point to 1.67%. TLT +0.1%, TBT -0.2%
    • Gold (GLD -1.7%) and oil (USO -1.7%) are the big movers today.
    • Watch the Q&A live here.
    | Tue, Jun. 21, 10:36 AM | 6 Comments
  • Mon, Jun. 20, 12:29 PM
    • The 10-year Treasury yield fell to as low as 1.52% last week after the Fed's surprise retreat from rate-hike talk, but it's returned all the way back to 1.67% after a weekend poll showed support for a Brexit slipping (vote is on Thursday).
    • Was the Fed's dovish shift solely due to Brexit fears? It won't be long before we find out. For now, Fed Funds futures have upped the odds of a rate hike this year - though it's still roughly a zero chance for July, a move at some point in 2016 is just over 50%.
    • TLT -0.95%, TBT +1.9%
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | Mon, Jun. 20, 12:29 PM
TBT Description
ProShares UltraShort 20+ Year Treasury seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Index.
See more details on sponsor's website
Country: United States
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