The UST10-Year yield is at 2.508% this morning after closing at 2.454% yesterday.
This morning, U.S. Treasury yields spiked as ADP released strong Employment growth for the month of January across most industries and company sizes. Private payrolls climbed to 246K, up 95K from December, reflecting the biggest employment gain since June 2016. Later this morning, the spot light will be on the Federal Open Market Committee (FOMC) as it concludes its 2-day meeting, investors will watch for the possibility of an additional rate hike throughout 2017 given the strong growth in labor.
MBA Applications fell by -3.20% for the week ended January 27th after rising 4.00% the previous week. FHA purchases declined 5.60% and refinances dropped 25.40%, largely due to the MIP cut reversal. The average 30-Year fixed rate is currently at 4.390% vs. 4.350% the previous week. Markit U.S. Manufacturing PMI slightly declined to 55.00, while ISM Manufacturing ticked up to 56.00 from 54.50. Construction Spending for the month of January declined -0.20%.
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This morning, U.S. Treasury yields spiked as ADP released strong Employment growth for the month of January across most industries and company sizes. Private payrolls climbed to 246K, up 95K from December, reflecting the biggest employment gain since June 2016. Later this morning, the spot light will be on the Federal Open Market Committee (FOMC) as it concludes its 2-day meeting, investors will watch for the possibility of an additional rate hike throughout 2017 given the strong growth in labor.
MBA Applications fell by -3.20% for the week ended January 27th after rising 4.00% the previous week. FHA purchases declined 5.60% and refinances dropped 25.40%, largely due to the MIP cut reversal. The average 30-Year fixed rate is currently at 4.390% vs. 4.350% the previous week. Markit U.S. Manufacturing PMI slightly declined to 55.00, while ISM Manufacturing ticked up to 56.00 from 54.50. Construction Spending for the month of January declined -0.20%.
The curve has bear-steepened with the UST 10-Year 5.4 bps up from prior closing.