Market opened today’s session with treasuries nearly unchanged across all maturities. 10-Yeartreasury yield is at 2.7099, 0.01 bp decreased from prior closing of 2.7100.
Despite of the positive trade outlook between the world’s two largest economies, it was not enough to sustain the upbeat momentum in equities with the lack of any concrete details from the discussion. Stocks fell for the first time in five days this morning, led by disappointing holiday sales from Macy’s and revenue growth forecast cut from American Airlines. Treasuries and the dollar remained steady with WTI crude dropping this morning. On the border wall front, there hasn’t been any tangible progress to break the impasse, and yesterday’s meeting was ended with President Trump walking out the discussion.
Initial Jobless Claims came in low at 216k vs. 226k consensus and 233k revised prior even during the government shutdown. Continuing Claims also declined to 1722k from 1750k revised prior vs. 1740k consensus. Bloomberg Consumer Comfort fell to a four-month low at 58.50 vs. 59.60 prior. Today’s Wholesale Inventories data is postponed by the ongoing government shutdown. The US Treasury is scheduled to auction off $16 Billion of 30-Yearbonds at 10:00 AM (PT) today, and Fed Chair Powell will speak to the Economic Club of Washington today.
The curve has steepened with UST10-Yearyield down 0.01 bp.
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Despite of the positive trade outlook between the world’s two largest economies, it was not enough to sustain the upbeat momentum in equities with the lack of any concrete details from the discussion. Stocks fell for the first time in five days this morning, led by disappointing holiday sales from Macy’s and revenue growth forecast cut from American Airlines. Treasuries and the dollar remained steady with WTI crude dropping this morning. On the border wall front, there hasn’t been any tangible progress to break the impasse, and yesterday’s meeting was ended with President Trump walking out the discussion.
Initial Jobless Claims came in low at 216k vs. 226k consensus and 233k revised prior even during the government shutdown. Continuing Claims also declined to 1722k from 1750k revised prior vs. 1740k consensus. Bloomberg Consumer Comfort fell to a four-month low at 58.50 vs. 59.60 prior. Today’s Wholesale Inventories data is postponed by the ongoing government shutdown. The US Treasury is scheduled to auction off $16 Billion of 30-Year bonds at 10:00 AM (PT) today, and Fed Chair Powell will speak to the Economic Club of Washington today.
The curve has steepened with UST 10-Year