US stock futures edged higher today as Goldman Sachs and Bank of America reported quarterly profit and revenue above its consensus estimates and forecasts. Treasuries tumbled and the dollar reversed a decline. As the partial government shutdown entered its 26th day, the White House has ordered thousands of furloughed federal employees to return to work without pay. However, President Trump is expected to sign legislation later today that will provide back pay to those furloughed federal employees after the shutdown ends. Elsewhere, with only 10 weeks out until the country is due to exit the EU, the UK Prime Minister Theresa May’s proposed Brexit deal ended in a 230 vote defeat, marking the biggest parliamentary defeat in modern UK political history and leaving the country deeper in a political uncertainty.
MBA Mortgage Applications continued its upward trend from last week, printing a 13.50% increase. Both purchases and refinances increased 9.10% and 18.70% after rising 16.50% and 35.30% prior, respectively. December Import Price Index fell 1.00%, following a downwardly revised prior of 1.90% decrease vs. 1.30% decrease consensus. The scheduled Retail Sales, Business Inventories, and TIC Flows data are postponed by the ongoing government shutdown. The Fed will release the Beige Book at 11:00 AM (PT) today.
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US stock futures edged higher today as Goldman Sachs and Bank of America reported quarterly profit and revenue above its consensus estimates and forecasts. Treasuries tumbled and the dollar reversed a decline. As the partial government shutdown entered its 26th day, the White House has ordered thousands of furloughed federal employees to return to work without pay. However, President Trump is expected to sign legislation later today that will provide back pay to those furloughed federal employees after the shutdown ends. Elsewhere, with only 10 weeks out until the country is due to exit the EU, the UK Prime Minister Theresa May’s proposed Brexit deal ended in a 230 vote defeat, marking the biggest parliamentary defeat in modern UK political history and leaving the country deeper in a political uncertainty.
MBA Mortgage Applications continued its upward trend from last week, printing a 13.50% increase. Both purchases and refinances increased 9.10% and 18.70% after rising 16.50% and 35.30% prior, respectively. December Import Price Index fell 1.00%, following a downwardly revised prior of 1.90% decrease vs. 1.30% decrease consensus. The scheduled Retail Sales, Business Inventories, and TIC Flows data are postponed by the ongoing government shutdown. The Fed will release the Beige Book at 11:00 AM (PT) today.
The curve has bear-flattened with UST 10-