The UST10-Year yield is at 2.500% this morning after closing at 2.471% yesterday.
This morning, U.S. Treasuries yields have risen to the highest levels in more than 2 weeks following strong readings on consumer price inflation data. Empire State Manufacturing Survey is up 18.70 in February, general business conditions are at their highest levels since September 2014. January CPIMoM climbed to 0.60%, CPI Excluding Food and Energy was up 0.30%, Retail Sales rose 0.40%, Ex-auto and Gas Retail Sales rose 0.70% for the month of January. Such strong performance in the consumer sector is an indication that inflation has continued accelerating at a faster pace in the first quarter of 2017.
MBA Mortgage Applications dropped -3.70% in the week ended February 10th. FHA Purchases declined 6.80% and VA Refinances fell 17.20%. The average 30-Year fixed rate is currently at 4.320% vs. 4.350% the week prior. Overall, the Industrial Production Index declined -0.30%, primarily due to a decline in demand for heating as utility production fell the most in 11 years. U.S. Factory production, which makes up about 80% of all output however, was up 0.20% in January. Capacity utilization declined to 75.30% from the previously revised 75.60%.
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This morning, U.S. Treasuries yields have risen to the highest levels in more than 2 weeks following strong readings on consumer price inflation data. Empire State Manufacturing Survey is up 18.70 in February, general business conditions are at their highest levels since September 2014. January CPI MoM climbed to 0.60%, CPI Excluding Food and Energy was up 0.30%, Retail Sales rose 0.40%, Ex-auto and Gas Retail Sales rose 0.70% for the month of January. Such strong performance in the consumer sector is an indication that inflation has continued accelerating at a faster pace in the first quarter of 2017.
MBA Mortgage Applications dropped -3.70% in the week ended February 10th. FHA Purchases declined 6.80% and VA Refinances fell 17.20%. The average 30-Year fixed rate is currently at 4.320% vs. 4.350% the week prior. Overall, the Industrial Production Index declined -0.30%, primarily due to a decline in demand for heating as utility production fell the most in 11 years. U.S. Factory production, which makes up about 80% of all output however, was up 0.20% in January. Capacity utilization declined to 75.30% from the previously revised 75.60%.
The curve has bear-steepening with the UST 10-Year 2.9 bps down from prior closing.