Treasuriesare lower than yesterday at the opening of today’s session. The yield on the UST10-Year is currently at 2.867% after closing at 2.830% during the prior session.
Treasuriessold off at the start of today’s session as inflation reports for January came in higher than markets anticipated, causing anxiety of an accelerated rate path by the Federal Reserve. Month-over-monthCPI for January rose to 0.50%, beating estimates of 0.30% and above prior mark of 0.20% revised; while year-over-yearCPI for January rose to 2.10%, beating estimates of 1.90% and in line with its prior mark. Month-over-monthCPI Ex Food and Energy for January rose 0.30%, above estimates and prior revised mark of 0.20%; while year-over-year CPI Ex Food and Energy rose 1.80%, above estimates of 1.70% and in line with prior mark.
Meanwhile, MBA Mortgage Applications for the week ended February 9 reflected a -4.10% change versus 0.70% during its prior week. Month-over-monthRetail Sales Advance for January reflected -0.30%, below estimates of 0.20% and lower than previous mark of 0.00% revised. Finally, year-over-year Average Weekly Earnings for January reflected a 0.40% change versus 0.90% prior revised; while year-over-year Average Hourly Earnings for January reflected a 0.80% change versus 0.60% prior revised.
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Treasuries sold off at the start of today’s session as inflation reports for January came in higher than markets anticipated, causing anxiety of an accelerated rate path by the Federal Reserve. Month-over-month CPI for January rose to 0.50%, beating estimates of 0.30% and above prior mark of 0.20% revised; while year-over-year CPI for January rose to 2.10%, beating estimates of 1.90% and in line with its prior mark. Month-over-month CPI Ex Food and Energy for January rose 0.30%, above estimates and prior revised mark of 0.20%; while year-over-year CPI Ex Food and Energy rose 1.80%, above estimates of 1.70% and in line with prior mark.
Meanwhile, MBA Mortgage Applications for the week ended February 9 reflected a -4.10% change versus 0.70% during its prior week. Month-over-month Retail Sales Advance for January reflected -0.30%, below estimates of 0.20% and lower than previous mark of 0.00% revised. Finally, year-over-year Average Weekly Earnings for January reflected a 0.40% change versus 0.90% prior revised; while year-over-year Average Hourly Earnings for January reflected a 0.80% change versus 0.60% prior revised.
The curve has bear-flattened with the UST 10-Year yield up 3.7 bps from prior closing.