Treasuriesare lower than yesterday at the opening of today’s session. The yield on the UST10-Year is currently at 2.653% after closing at 2.614% during the prior session.
The economic calendar for today features the MBA Mortgage Applications’ print for the week ended January 19, which rose 4.50%, above the prior week’s mark of 4.10%. Also in today, the FHFA House Price Index for November rose 0.40%, below survey of 0.50% and dropping from its prior mark of 0.60% revised. Further, Existing Home Sales for December reached 5.57 Million, below survey of 5.70 Million and lower than its prior 5.78 Million revised; while month-over-monthExisting Home Sales for December registered a change of -3.60%, below survey of -1.90% and lower than its previous mark of 5.10% revised. Finally, Markit US Manufacturing PMI preliminary for January reached 55.50, slightly above market expectations of 55.00 and above its prior mark of 55.10; while Markit US Services PMI preliminary for January reached 53.30, below market expectations of 54.30 and slightly below its prior mark of 53.70.
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The economic calendar for today features the MBA Mortgage Applications’ print for the week ended January 19, which rose 4.50%, above the prior week’s mark of 4.10%. Also in today, the FHFA House Price Index for November rose 0.40%, below survey of 0.50% and dropping from its prior mark of 0.60% revised. Further, Existing Home Sales for December reached 5.57 Million, below survey of 5.70 Million and lower than its prior 5.78 Million revised; while month-over-month Existing Home Sales for December registered a change of -3.60%, below survey of -1.90% and lower than its previous mark of 5.10% revised. Finally, Markit US Manufacturing PMI preliminary for January reached 55.50, slightly above market expectations of 55.00 and above its prior mark of 55.10; while Markit US Services PMI preliminary for January reached 53.30, below market expectations of 54.30 and slightly below its prior mark of 53.70.
The Treasury Department will continue its auction schedule with $34 Billion in 5-Years notes today and $28 Billion in 7-Years notes tomorrow. St. Louis Fed President James Bullard is scheduled to speak on Friday in Oslo.
The curve has bear-steepened with the UST 10-Year yield up 3.9 bps from prior closing.