Bond Traders Boost Bearish Bets as US 30-Year Yields Eclipse 5%
In JPMorgan Chase & Co.'s latest Treasury client survey, investors' net long positioning shrank to the smallest in six weeks. That coincides with selling pressure in US government debt, which picked up on Tuesday after June consumer-price data failed to assuage concerns over the impact of trade levies. In response, investors trimmed bets the Federal Reserve will cut interest rates as soon as September.
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Covers & All Captures 30 Percent US Market Share in Custom Cover Industry
Covers & All has achieved $65 million in revenue and captured 30 percent U.S. market share, serving over 2 million customers across 40 countries through vertically integrated manufacturing that delivers precision customization and rapid turnaround Courtesy of Covers & All NEW YORK, July 16, 2025 (GLOBE NEWSWIRE) -- Covers & All announced today it has captured more than 30 percent of the U.S. market for custom covers while expanding its global footprint to serve customers across 40 countries. The company's tailored solutions, which range from compact TV covers to expansive swimming pool enclosures, now serve more than 2 million customers worldwide. After achieving $65 million in annual revenue going into 2025, Covers & All has established itself as the dominant force in custom covers. Its product catalog includes covers for outdoor furniture, chimineas, pool equipment, TVs, firepits, bench seating, HVAC units, and circular daybeds—offering tailored protection for nearly any item. Each product page includes real-use photography, material specs, and visual guides to help match fit with function. Customers can enter exact measurements, select performance-grade materials, and personalize each cover with logos or initials. The company's vertically integrated model enables fast turnaround, high-volume output, and complete quality control without reliance on third-party manufacturers. By designing its fulfillment pipeline, Covers & All removed trade-offs between accuracy, speed, and customization. The digital platform features over 3,000 SKUs, 24/7 customer support, and global shipping. It also uses an AI-powered search engine and intuitive tools to guide buyers through measuring and ordering. The company backs each order with a flexible return policy and its Assurance Plus program, which lets customers shop worry-free by offering protection from measurement errors and other concerns. It continually updates its e-commerce experience to support new and repeat buyers. Its customer base includes individual homeowners, businesses, and commercial operations that place large recurring orders. Across all segments, Covers & All emphasizes durability, clarity, and reliability. As part of its growth strategy, Covers & All recently acquired Optamark, NorthCape, and PatioHQ to expand into new segments. Optamark enhanced its B2B capabilities in promotional products, NorthCape added wholesale outdoor furniture to its portfolio, and PatioHQ strengthened its presence in the B2C patio market. These acquisitions advanced both its business-to-business infrastructure and its direct-to-consumer growth strategy. Covers & All now handles a full spectrum of custom orders, from single-item shipments to high-volume commercial contracts, maintaining the same focus on speed, fit, and customer service. Looking ahead, the company plans to expand its AI-powered platform capabilities and explore new product categories to serve its growing global customer base. About Covers & All Covers & All is a global brand under Group Bayport, specializing in custom-made covers and protective solutions for residential, commercial, and industrial use. With operations in the U.S., Canada, the U.K., Australia, and Europe, the company delivers scalable personalization with fast turnaround and environmentally responsible production, including waterless manufacturing and biodegradable packaging. Its brand philosophy guides covers & All: Uncover happiness, comfort, and convenience. Press Contact:Suchitra ShettyEmail: Page: A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Investors become inured to policy whiplash, Powell headlines cause limited reaction
By Saqib Iqbal Ahmed NEW YORK (Reuters) -Investors are becoming more measured in their reaction to news about Trump's Washington policy, with Wednesday's whipsawing headlines over Federal Reserve Chair Jerome Powell triggering a reaction that fell short of what could happen if the Fed chair was indeed fired. The S&P 500 briefly fell as much as 0.7% and the dollar sank 0.9% on Wednesday following reports Trump was close to firing Powell. To some investors, the initial knee-jerk moves - soon to be unwound as Trump denied he was planning Powell's ouster from the Fed - seemed relatively shallow and pointed to investors being unwilling to put too much stock in headlines involving Trump administration policy. Part of the reason for the market's reaction is that investors have learned from experience that news headlines about potential actions by the Trump administration can change rapidly, market participants said. "I think there is a group of people who thought it was a trial balloon," Thierry Wizman, global FX and rates strategist at Macquarie in New York, said. "That it was not serious, that it was just Trump testing the market and that if the market fell too much, he would change his view in any case so there's no reason to bid stocks down excessively," he said. The White House declined to comment on whether Trump was testing the market, instead pointing to his remarks earlier in the day where he said he is not planning to fire Powell even as he unleashed a fresh round of criticism against the central bank chief and declined to completely reject the possibility of ousting him. Trump, who in the past has suggested he could fire Powell, has also at various times said he would not do so. Bloomberg News, which first reported Trump was planning to fire Powell soon, did not immediately respond to a request for comment. "We don't know if Trump will follow through on the threat," Brian Jacobsen, chief economist at Annex Wealth Management, said. The many twists and turns in U.S. tariff policy since the start of the year have already inured investors to abrupt changes in policy. "Traders and investors have learned to take political posturing with a grain of salt," said Karl Schamotta, chief market strategist at Corpay. The limited reaction, especially in stock markets, also points to some investors seeing Powell's potential ouster as clearing the path for rate cuts, some analysts said. "There is an element of the market that wants to see lower rates in the short term ... they're happy to have the Fed cut," Wizman said. Worries over the Fed's independence notwithstanding, lower rates would reduce borrowing costs for companies, potentially encouraging investment and boosting corporate profits, while also making stocks relatively more attractive compared to lower-yielding bonds and savings. "Perhaps there are some traders who like the idea of lower rates more than the loss of independence," Steve Sosnick, chief strategist at Interactive Brokers, said. 'MINI-TANTRUM' Still, market participants warned that Wednesday's market gyrations, fleeting as they were, offered a glimpse on how global financial markets might react should Powell be ousted. "This morning's mini-tantrum provided the administration with a clear warning of the negative consequences," Schamotta said. "Today's episode provided a tiny taste of the cataclysmic moves that could unfold if the Trump administration actually moved forward with untethering the world's monetary anchor," he said. Investors had been on edge for weeks about the prospect of Powell being removed from his job before his term ends next May, as Trump has repeatedly criticized him for not cutting U.S. rates quickly enough. Even if Trump doesn't fire Powell, just nominating a successor - something Trump has said he is considering - would trouble the market, investors said. The nomination of the next Fed Chair so far in advance of the end of Powell's term would create the likelihood of a "shadow" Fed chair who offers potentially clashing views with the sitting central bank leader on monetary policy. This could potentially sow confusion in the market about the outlook for monetary policy, investors said. Such threats to the Fed's perceived independence could push investors to lighten exposure to dollar-denominated assets and revive the worries about investing in America that surfaced earlier this year when Trump first slapped hefty tariffs on global trading partners, strategists said. "This is part and parcel of the thing we've already been growing accustomed to," Macquarie's Wizman said. "It's a theme that has weakened the dollar since the beginning of the year. It's a theme that has caused long-term yields to go up," he said. For now, investors remain on edge about whether Trump will end up firing Powell. "Trump in particular seems to take umbrage at the idea that he doesn't follow through on some of these things. So it wouldn't surprise me if they did. It wouldn't surprise me if they didn't," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Trading Day: Trump-Powell drama sizzles, dollar fizzles
By Jamie McGeever ORLANDO, Florida (Reuters) -TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist A dramatic day on Wednesday ended with Wall Street in the green and the dollar and short-dated Treasury yields lower, although off their earlier extremes, after President Donald Trump denied reports he will soon fire Fed Chair Jerome Powell. More on that below. In my column today I look at Trump's call for 300 basis points of Fed rate cuts and, although it is wishful thinking, why it shines a light on whether Fed policy is too tight, too loose, or maybe just about right. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. 1. Popping the dollar's 'anti-bubble?': Mike Dolan 2. Central banks ramp up buying at euro zone bond sales 3. EU trade chief heads to Washington in search of tariffssolution 4. Beneath China's resilient economy, a life of pay cutsand side hustles 5. Markets call Trump's bluff on Russian oil sanctions inincreasingly risky game: Bousso Today's Key Market Moves * U.S. Treasury yields fall across the curve, mostly at theshort end - 2-year yield falls 7 bps. * The 2s/10s U.S. curve steepens through 60 bps, its highestin nearly two months. It steepens for a fourth day, its longeststreak this year. * Wall Street rises, led by small caps - the Russell 2000gains 1%, clawing back half of the previous day's losses. * The dollar index snaps a six-day winning streak and fallsaround 0.3%. * Gold rises 0.8% to $3,350/oz. Trump-Powell drama sizzles, dollar fizzles At around midday in the U.S. session on Wednesday, it looked like six months of verbal attacks on Fed Chair Jerome Powell from President Donald Trump for not cutting interest rates were about to reach boiling point - according to Bloomberg News, Powell would soon be fired. The market reaction was what you might expect - the dollar, stocks, and short-dated Treasury yields fell, and the yield curve steepened. The most notable moves were in the dollar and two-year yield. But Trump swiftly denied the report, insisting that although he had discussed ousting Powell with lawmakers, it was "highly unlikely" he would fire him. Markets recovered their poise, especially stocks, although the rebound in short-dated yields and the dollar was less pronounced. Trump firing Powell would be a monumental event as no president has ever formally dismissed a Fed Chair. But it would come as little surprise. Trump's desire for lower interest rates is ferocious, and he regularly berates Powell for not cutting them. Political interference in monetary policymaking? Yes, but Trump crossed that Rubicon some time ago. Rates traders still expect no change from the Fed on rates later this month and a quarter point cut by October. They added around 10 bps of expected easing into next year's forecasts. Even at the depths of the selloff on Wednesday Wall Street's main indices were never down more than 1%, perhaps reflecting investors' skepticism that Trump really will pull the trigger. But it's noteworthy given that the S&P 500 and Nasdaq had clocked new highs the day before - there's scope for a deep correction if investors want one. The latest twist in the Trump-Powell saga dominated the U.S. session and will likely be the main driver of global markets again on Thursday. But investors have other signposts to guide them, including corporate earnings, tariffs and economic data. On Wednesday, three of America's biggest banks reported results - Bank of America, Morgan Stanley and Goldman Sachs. On Thursday the spotlight turns to Netflix, and before that in Asia, Taiwan's TSMC, the world's main producer of advanced AI chips. Trump boxes in Fed with extreme rate cut calls While almost no one thinks Donald Trump's verbal attacks on Federal Reserve Chair Jerome Powell are a positive development, they have electrified the debate about whether the U.S. president is right that interest rates are too high. Presidential tirades aside, there is a strong case to be made that the fed funds rate should be lower than its current 4.25-4.50% target range. The labor market is beginning to show signs of cracking, 'hard' economic data is softening, and a tariff-led slowdown may be in the offing. On the other hand, economic growth is clocking in at an annualized pace of around 2.5% and not expected to dip much below 2% next year, unemployment is still historically low, the stock market is at a record peak, and other financial assets like bitcoin have also never been higher. And, crucially, core inflation is still almost a percentage point above the Fed's 2% target, suggesting that we may be starting to see the inflationary impact of tariffs. By those measures, policy may be too loose, not too tight. Indeed, Jason Thomas, head of global research and investment strategy at Carlyle, reckons financial conditions are "unusually accommodative", and argues that had the Fed not said in December that policy was 'restrictive', there would be no need to explain why it hadn't cut rates six months later. The president clearly does not agree. Trump is clamoring for borrowing costs to be slashed by 300 basis points. That would take the policy rate closer to 1%, a level usually associated with severe financial market stress, strong disinflationary pressures or a deep economic funk. Or all three. R-STAR GAZING One would be hard-pressed to find many experts who would agree with Trump's call, even those who fall on the dovish side. But then where should rates be? Policymakers typically use forward-looking models and frameworks to inform their decisions. The most famous of these, so-called 'R-Star', comes in for a lot of criticism, as it is theoretical, referring to the inflation-adjusted long-term neutral interest rate that neither accelerates nor slows growth when inflation is at target. This may be a fuzzy concept, but officials look at it, so investors cannot dismiss it completely. There are two benchmark 'R-Star' models, both partly created by New York Fed President John Williams. One currently puts this rate at around 0.80% and the other around 1.35%. If inflation were at the Fed's target 2%, then these models would put the nominal fed funds rate at around 2.80% or 3.35%, respectively. Fed policymakers split the difference in their latest median projections, putting the long-term nominal Fed funds rate right at 3.00%. If these estimates are anywhere close to accurate, the nominal policy target range of 4.25-4.50% now appears to be restrictive, so the path ahead is lower. Rates traders and investors seem to agree. While the latest CPI report has caused jitters at the long end of the yield curve, rates markets are still pricing in more than 100 basis points of easing over the next 18 months. But this has helped fuel the asset price rally, which, ironically, strengthens the argument that policy may be closer to neutral than models suggest. WISHFUL THINKING Powell may have backed the Fed into a corner by maintaining that policy is still restrictive, albeit "modestly" so. These claims signal the Fed will lower rates, but it has not done so, as it is waiting to see if Trump's protectionist trade agenda unleashes inflation. Moreover, it also does not want to appear to be responding to political pressure to cut rates. "Some will say this collision was unavoidable. But the Fed would find itself in a far more defensible position had it embraced a posture of neutrality, pledging to cut or hike as warranted by future developments (including policy shifts)," Carlyle's Thomas wrote on Tuesday. In short, the Fed is in a bit of a bind, and Trump's attacks will only make it worse. His call for 300 basis points of rate cuts may end up being similar to his 'reciprocal tariff' gambit: aim extremely high, settle for something less, and claim victory. The problem, of course, is that monetary policy is not supposed to be a negotiation. What could move markets tomorrow? * Australia unemployment (June) * Taiwan's TSMC Q2 earnings * Japan trade (June) * UK unemployment, earnings (June) * U.S. weekly jobless claims * U.S. Philly Fed business index (July) * U.S. retail sales (June) * U.S. Q2 earnings, including Netflix * U.S. Fed officials scheduled to speak: San Francisco FedPresident Mary Daly, Governors Lisa Cook, Andriana Kugler andChristopher Waller Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Jamie McGeever) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
