Futures marked lower on the tech selloff
With 10-year Treasury yields also creeping above 1.60%, that will keep the market relatively nervous to kick start the trading week.

Remarks by BOE governor, Andrew Bailey
– Toolkit decisions should not be interpreted about signal of future policy path
– Contingency planning for negative rates does not imply it is our chosen policy tool
The headline is pretty much the key takeaway from the latest set of remarks by Bailey, but this keeps with what we have heard

Huge spending bill passes 50-49
The US Senate passed Biden’s $1.9 trillion stimulus package with a number of amendments after a marathon session. The bill now heads back to the House where a vote will be held on Tuesday. It could be signed into law shortly afterwards.

What does it mean?
The eurodollar curve has fully priced in an FOMC interest rate hike in December 2022.
That’s in stark contrast to Fed forecasts and messaging so one side has to be wrong. Normally that would be the Fed but maybe the rules of the game have changed.

Forex news for New York trade on March 5, 2021:
Markets:
– US 10-year yields down 4 bps to 1.55%
– Gold up $1 to $1698
– WTI crude up $2.44 to $66.27
– S&P 500 up 73 points to 3841
Non-farm payrolls delivered yet another whipsaw to short-term traders. It’s clear that the playbook going in was to sell risk,

Major indices close near highs for the day
The major indices are all closing higher and near their session highs after earlier falls were erased.

Weekly forex futures positioning data for the CFTC for the week ending Tuesday, March 2, 2021
Highlights:

Comments from the Atlanta Fed President:
There’s no hint of doing anything differently.

US consumer credit outstanding for January 2021
It’s rare to see credit tighten but revolving credit (which is credit cards) likely fell as people used stimulus payments to pay off credit card bills.

S&P 500 futures up 0.3%
US futures have had a bit of a choppy session in European morning trade but are creeping higher now as we move towards North American trading.