[[ item.lastPrice ]] [[ item.priceChange ]] ([[ item.percentChange ]]) [[ item.tradeTime ]] [CBOT]
[[ item.bidPrice ]] x [[ item.bidSize ]] [[ item.askPrice ]] x [[ item.askSize ]]
[[ rootItem.symbol ]]underlying price [[ rootItem.lastPrice ]] [[ rootItem.priceChange ]] ([[ rootItem.percentChange ]]) [[ rootItem.tradeTime ]]
Contract Specifications for [[ item.sessionDateDisplayLong ]]
| Barchart Symbol | ZN |
| Exchange Symbol | ZN |
| Contract | 10-Year Treasury-Note |
| Exchange | CBOT |
| Tick Size | One half of 1/32 of a point ($15.625 per contract) rounded up to the nearest cent per contract; par is on the basis of 100 points |
| Margin/Maintenance | $2,337/2,125 |
| Daily Limit | None |
| Contract Size | $100,000 |
| Months | Mar, Jun, Sep, Dec (H, M, U, Z) |
| Trading Hours | 5:00p.m. - 4:00p.m. (Sun-Fri) (Settles 2:00p.m.) CST |
| Value of One Futures Unit | $1,000 |
| Value of One Options Unit | $1,000 |
| Last Trading Day | Seventh business day preceding the last business day of the delivery month |
Description
U.S. interest rates can be characterized in two main ways, credit quality and maturity. Credit quality refers to the level of risk associated with a particular borrower. U.S. Treasury securities, for example, carry the lowest risk. Maturity refers to the time at which the security matures and must be repaid. Treasury securities carry a full spectrum of maturities, from short-term cash management bills to T-bills (4-weeks, 3-months, 6-months), T-notes (2-year, 3-year, 5-year, 7-year, and 10-year), and 30-year T-bonds. The most active futures markets are the 10-year T-note futures, 30-year T-bond futures, and Eurodollar futures, all of which are traded at the CME Group.
Prices - CME 10-year T-note futures prices (Barchart.com electronic symbol ZN) posted their high for 2022 in January as they fell further from the all-time high posted in March 2020.
T-note prices were under pressure throughout 2022 as soaring inflation prompted the Federal Reserve (Fed) to aggressively raise interest rates. U.S. consumer prices in March rose +8.5% y/y, the fastest pace in 40 years. At the March 2022 FOMC meeting, the Fed raised the federal funds target range by 25 basis points to 0.25%-0.50%, and the Fed's dot-plot signaled six more 25 basis point rate increases for 2022. Fed Chair Powell said, "if appropriate to move more quickly, we'll do so."
The Fed ramped up its pace of interest rate increases at the May 2022 FOMC meeting, lifting the federal funds target range by 50 basis points to 0.75%-1.00%. The sell-off in T-note prices paused briefly in Q2 after Fed Chair Powell said at the May FOMC meeting that a "75 basis point rate hike isn't being actively considered, but more 50 basis point rate hikes were on the table." Also, inflation eased as consumer prices in April fell to +8.3% y/y from March's 40-year high of +8.5% y/y.
At the June FOMC meeting, the Fed raised the federal funds target range by 75 basis points to 1.50%-1.75%, the largest increase since 1994, as strength in the U.S. labor market and rising inflation kept the Fed hawkish. The U.S. unemployment rate continued to fall throughout 2022 and dropped to a 2-year low of 3.5% in July. The Fed also raised its interest rate hike estimates at the June FOMC meeting, projecting another 175 basis points of rate hikes for the year.
After moving sideways to slightly higher into August, T-note prices continued their sell-off into Q4 of 2022, falling to a 15-year low in October. U.S. consumer price pressures peaked in June at +9.1% y/y, the most in four decades, which kept the Fed hawkish and prompted four consecutive 75 basis point interest rate hikes from June through November. At the September FOMC meeting, policymakers said ongoing rate hikes were "appropriate," and Fed Chair Powell said the Fed intended to return to "sufficiently restrictive" rates.
T-note prices staged a modest recovery into the year-end of 2022 as inflation eased and allowed the Fed to slow its pace of interest rate hikes. After posting a 40-year high of 9.1% y/y in June, U.S. consumer prices fell to a 14-month low of 6.5% y/y by December. At the December FOMC meeting, the Fed slowed its pace of interest rate hikes to 50 basis points to 4.25%-4.50% after raising rates by 75 basis points at the previous four consecutive meetings. The FOMC also projected a peak interest rate of 5.1% for 2023, and Fed Chair Powell said the size of future rate hikes would depend on incoming data. The 10-year T-note yield finished 2022 up +2.37 percentage points at 3.88%.
Information on commodities is courtesy of the CRB Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the Barchart product line. Please visit us for all of your commodity data needs.
FAQs
Among the most actively watched benchmarks in the world, the 10-Year U.S. Treasury Note futures contract offers unrivaled liquidity and capital-efficient, off-balance sheet Treasury exposure, making it an ideal tool for a variety of hedging and risk management applications, including: interest rate hedging, basis ...
What is the 10 year T note futures contract? ›
Among the most actively watched benchmarks in the world, the 10-Year U.S. Treasury Note futures contract offers unrivaled liquidity and capital-efficient, off-balance sheet Treasury exposure, making it an ideal tool for a variety of hedging and risk management applications, including: interest rate hedging, basis ...
How are 10 year Treasury futures quoted? ›
10-year Treasury note futures contracts are quoted in dollars and to the nearest half of a 32nd of a dollar. 5-year and 2-year Treasury note futures contracts are quoted in dollars and to the nearest quarter of a 32nd of a dollar.
What is the tick size for the 10 year Treasury futures? ›
10-Year Note futures minimum price fluctuation, or tick size, is ½ of 1/32.
What is the symbol for the 10 year note futures? ›
10 Year U.S. Treasury Notes (ZN) Latest Futures Prices, Charts & News | Nasdaq.
What is the interest rate on the 10 year T note? ›
10 Year Treasury Rate is at 4.67%, compared to 4.70% the previous market day and 3.53% last year. This is higher than the long term average of 4.25%.
What is ultra 10 year US Treasury note futures? ›
Futures and Options
Last Updated 24 Apr 2024 22:16:18 PM CT. The Ultra 10-Year T-Note was built to address marketplace demand for a futures contract more closely tied to the 10-year maturity point on the Treasury yield curve.
How to read Treasury futures quotes? ›
If our note were to increase from 97-18/32nds by 1/128th, it might be quoted on a cash screen as 97-182 . The trailing “2” may be read as +2/8ths of 1/32nd; or, 1/128th . If the security rallies from 97-18/32nds by 3/128ths, it may be quoted as 97-186 . The trailing “6” may be read as +6/8ths of 1/32nd or 3/128ths .
How are US Treasury futures quoted? ›
In U.S. Treasury futures, the basis is the price spread, usually quoted in units of 1/32, between the futures contract and one of its eligible delivery securities. In Futubull, the U.S. Treasury futures are quoted in units of 1/10.
What is the ticker symbol for the US 10 year Treasury? ›
US10Y: U.S. 10 Year Treasury - Stock Price, Quote and News - CNBC.
S&P 500 E-Mini Jun '24 (ESM24)
| Barchart Symbol | ES |
|---|
| Exchange Symbol | ES |
| Contract | E-Mini S&P 500 Index |
| Exchange | CME |
| Tick Size | 0.25 points ($12.50 per contract) |
8 more rowsPrice Increments and Their Values
Since futures on Treasury bonds and 10- and 5-year notes are all contracts with a $100,000 face value, the value of a full point is $1,000 for each of these contracts. A one-point move on a $200,000 face value 2-year T-note futures contract has a value of $2,000.
How many barrels of oil are in a futures contract? ›
What does the 10 year note tell us? ›
The 10-year note is undoubtedly a highly significant benchmark for global financial markets. A rising yield indicates investor confidence in the economy but also suggests higher borrowing costs, potentially slowing economic growth. Conversely, a falling yield may signal economic uncertainty.
What is the z code in futures? ›
Delivery months are represented by a single, specific letter in the contract, and are depicted alphabetically starting with January ("F") and ending with December ("Z").
How much is gold futures per tick? ›
A gold futures contract is always for 100 troy ounces of gold, with a minimum tick of $. 10/tick and dollar value of $10/tick. Gold futures are traded Sunday-Friday 5:00 p.m.-4:00 p.m. CST with a 60-minute break each day at 4:00pm.
What is a Treasury futures contract? ›
Introduction. CBOT U.S. Treasury futures are standardized contracts for the purchase and sale of U.S. government notes or bonds for future delivery.
How big is the T Bond futures contract? ›
For instance, with Treasury bond futures, the contract size is usually $100,000 or $200,000 worth of bonds. Expiration date: The expiration date is the specified future date upon which the contract is set to be fulfilled. The seller must deliver the interest-bearing asset to the buyer on this date.
What does a long futures contract mean? ›
Going long in a future means the holder of the position is obliged to buy the underlying instrument at the contract price at expiry. The holder of the position will profit if the price of the underlying instrument goes up, as the price he will pay will be less than the market price.
What is the Ultra T Bond futures contract? ›
The Ultra T-Bond futures contract is the fastest growing interest rate futures product ever introduced by the CME Group exchanges. Adding options to this robust futures market provides even more opportunities for market participants seeking longer-dated, off-balance sheet exposure in Treasury markets.
