Today’s session opened with Treasuries slightly lower than yesterday. The yield on the UST10-Year is currently at 2.632% after closing at 2.627% during the prior session.
Rising oil and equity prices over the last couple of sessions have fueled the case for higher inflation later in the year, in turn accelerating worries of interest rate hikes, and approval yesterday by the House of Representatives of a spending bill that would avoid a federal government shutdown have all contributed to a sell-off in the 10-YearTreasury. As a result, yields rose at the start of today’s session opening to levels not seen since 2014.
The economic calendar for this week concludes today with the University of Michigan Consumer Sentiment’s preliminary print for January reflecting a score of 94.40, falling short of estimated 97.00 and the prior mark of 95.90. Further, the University of Michigan Current Economic Conditions’ preliminary January print came in at 109.20, below survey of 114.40 and prior 113.80. Finally, the 1-Year University of Michigan Expected Change in Prices’ preliminary print for January rose by 2.80% versus a 2.70% prior, while the 5-10 Year University of Michigan Expected Change in Prices’ preliminary print for January rose by 2.50% versus a 2.40% prior.
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Rising oil and equity prices over the last couple of sessions have fueled the case for higher inflation later in the year, in turn accelerating worries of interest rate hikes, and approval yesterday by the House of Representatives of a spending bill that would avoid a federal government shutdown have all contributed to a sell-off in the 10-Year Treasury. As a result, yields rose at the start of today’s session opening to levels not seen since 2014.
The economic calendar for this week concludes today with the University of Michigan Consumer Sentiment’s preliminary print for January reflecting a score of 94.40, falling short of estimated 97.00 and the prior mark of 95.90. Further, the University of Michigan Current Economic Conditions’ preliminary January print came in at 109.20, below survey of 114.40 and prior 113.80. Finally, the 1-Year University of Michigan Expected Change in Prices’ preliminary print for January rose by 2.80% versus a 2.70% prior, while the 5-10 Year University of Michigan Expected Change in Prices’ preliminary print for January rose by 2.50% versus a 2.40% prior.
The curve has bear-steepened with the UST 10-Year yield up 0.5 bp from prior closing.
Have A Nice Weekend!