Market opened today’s session with treasuries inching higher across all maturities. 10-Yeartreasury yield is at 2.7277, 1.63 bps decreased from prior closing of 2.7440.
US equity futures advanced this morning as investors weighed the latest batch of corporate earnings. Many companies including 3M, Pfitzer, Allergan, and Verizon posted stronger-than-forecast profits. Investors are also attuned to the latest developments on the trade front. The US prosecutors filed criminal charges against Huawei, China’s biggest telecom company, a day before the trade talks between the two countries are scheduled to begin, which may put a damper on the mood for the meetings. In the UK, Prime Minister May faces two votes in Parliament; one to put Brexit on hold and the other to renegotiate the withdrawal agreement. Treasuries also edged slightly higher after the data indicated home prices rose at the slowest pace in almost 4 years.
The S&P CoreLogic Case-Shiller index increased 4.68% in November YoY from a revised prior of 5.02%. MoM change was a 0.30% increase vs. 0.42% revised prior and 0.40% consensus. The data further underscored a deceleration in the housing market as indicated by recent housing market data. Conference Board Consumer Confidence fell to 120.20 in January vs. a downwardly revised prior of 126.60 and 124.00 estimate. The two-day FOMC meeting will kick off today with the rate decision to be released tomorrow at 11:00 AM (PT), followed by a press conference with Fed Chair Powell. The US Treasury is scheduled to auction off $32 Billion of 7-Year notes at 10:00 AM (PT) today.
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US equity futures advanced this morning as investors weighed the latest batch of corporate earnings. Many companies including 3M, Pfitzer, Allergan, and Verizon posted stronger-than-forecast profits. Investors are also attuned to the latest developments on the trade front. The US prosecutors filed criminal charges against Huawei, China’s biggest telecom company, a day before the trade talks between the two countries are scheduled to begin, which may put a damper on the mood for the meetings. In the UK, Prime Minister May faces two votes in Parliament; one to put Brexit on hold and the other to renegotiate the withdrawal agreement. Treasuries also edged slightly higher after the data indicated home prices rose at the slowest pace in almost 4 years.
The S&P CoreLogic Case-Shiller index increased 4.68% in November YoY from a revised prior of 5.02%. MoM change was a 0.30% increase vs. 0.42% revised prior and 0.40% consensus. The data further underscored a deceleration in the housing market as indicated by recent housing market data. Conference Board Consumer Confidence fell to 120.20 in January vs. a downwardly revised prior of 126.60 and 124.00 estimate. The two-day FOMC meeting will kick off today with the rate decision to be released tomorrow at 11:00 AM (PT), followed by a press conference with Fed Chair Powell. The US Treasury is scheduled to auction off $32 Billion of 7-Year notes at 10:00 AM (PT) today.
The curve has bull-flattened with UST 10-