The UST10-Year yield is at 2.418% this morning after closing at 2.363% prior.
Market opened with treasuries higher across the curve this morning, but has since been on a downwardly trend after several significant economic data were received showing wholesale price-growth accelerated in 2016.
Producer Price Index Final Demand MoM and YoY both came in as expected, rising 0.30% and 1.60% in December respectively. PPI Ex Food and Energy MoM had a 0.20% increase which was slightly better than the 0.10% expectation, while PPI Ex Food and Energy YoY jumped 1.60% versus a 1.60% increase prior. Consumer spending remained moderate as Retail Sales Advance MoM rose 0.60% in December versus a 0.20% (revised) rise in November, while Retail Sales Ex Auto MoM increased below expectation at 0.20% versus 0.50% consensus. Consumer confidence came in below predictions as the University of Michigan Sentiment January preliminary reading reported at 98.10 versus 98.50 consensus.
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Market opened with treasuries higher across the curve this morning, but has since been on a downwardly trend after several significant economic data were received showing wholesale price-growth accelerated in 2016.
Producer Price Index Final Demand MoM and YoY both came in as expected, rising 0.30% and 1.60% in December respectively. PPI Ex Food and Energy MoM had a 0.20% increase which was slightly better than the 0.10% expectation, while PPI Ex Food and Energy YoY jumped 1.60% versus a 1.60% increase prior. Consumer spending remained moderate as Retail Sales Advance MoM rose 0.60% in December versus a 0.20% (revised) rise in November, while Retail Sales Ex Auto MoM increased below expectation at 0.20% versus 0.50% consensus. Consumer confidence came in below predictions as the University of Michigan Sentiment January preliminary reading reported at 98.10 versus 98.50 consensus.
The curve has bear-steepened with the UST 10-Year up 5.5 bps from prior closing.
Have A Great Weekend!