Treasuriesare lower than yesterday at the opening of today’s session. The yield on the UST10-Year is currently at 2.734% after closing at 2.706% during the prior session.
Prices on the 10-Yearinched lower even as the Federal Reserve’s FOMC left the benchmark interest rate unchanged yesterday during Janet Yellen’s last meeting as Fed Chair. The Fed expects inflation to stabilize around its 2 percent target throughout this year and the attention will now shift to the next FOMC meeting in March, under Jerome Powell as the new Fed Chair.
Initial Jobless Claims for the week ended January 27 reached 230k, lower than estimates of 235k and below its previous mark of 231k revised; while Continuing Claims for the week ended January 20 reached 1953k, above estimates of 1929k and increasing from its previous mark of 1940k revised. Also in today, forecast Markit Manufacturing PMI for January reached 55.50, matching both survey and previous mark; while Bloomberg Consumer Comfort for the week ended January 28 rose to 54.60 from 53.70 prior. Further, year-over-yearChallenger U.S. Job Cuts for January registered a -2.80% from -3.60% prior; while preliminary Nonfarm Productivity for the 4Q registered -0.10%, below survey of 0.70% and dropping from its previous 2.70% revised. Finally, ISM Manufacturing for January registered 59.10, above survey of 58.60 but slightly below prior 59.30 revised; while ISM Employment for January registered 54.20, below prior 58.10 revised.
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Prices on the 10-Year inched lower even as the Federal Reserve’s FOMC left the benchmark interest rate unchanged yesterday during Janet Yellen’s last meeting as Fed Chair. The Fed expects inflation to stabilize around its 2 percent target throughout this year and the attention will now shift to the next FOMC meeting in March, under Jerome Powell as the new Fed Chair.
Initial Jobless Claims for the week ended January 27 reached 230k, lower than estimates of 235k and below its previous mark of 231k revised; while Continuing Claims for the week ended January 20 reached 1953k, above estimates of 1929k and increasing from its previous mark of 1940k revised. Also in today, forecast Markit Manufacturing PMI for January reached 55.50, matching both survey and previous mark; while Bloomberg Consumer Comfort for the week ended January 28 rose to 54.60 from 53.70 prior. Further, year-over-year Challenger U.S. Job Cuts for January registered a -2.80% from -3.60% prior; while preliminary Nonfarm Productivity for the 4Q registered -0.10%, below survey of 0.70% and dropping from its previous 2.70% revised. Finally, ISM Manufacturing for January registered 59.10, above survey of 58.60 but slightly below prior 59.30 revised; while ISM Employment for January registered 54.20, below prior 58.10 revised.
The curve has bear-steepened with the UST 10-Year yield up 2.8 bps from prior closing.