We have a light calendar this week with data on Manufacturing, Housing and tomorrow the FOMC releases the Minutes from the January 27th-28th meeting. Empire Manufacturing came in softer than expected for February at 7.78 vs. 9.95 prior (consensus 8.0). February’s reading was in line with the average over the last five months of 7.08. Shipments advanced to 14.12 vs. 9.59 prior, the highest level since September, and new orders declined -5 points to 1.22. Global economic weakness continues to fuel demand for safe haven assets and support treasuries. Earlier this morning treasuries got a boost as Greece’s Finance Minister struggles to renegotiate its debt situation in Europe; without additional aid it is estimated that Greece may run out of money by the end of March. Treasury further advanced in response to the softer Empire Manufacturing data, and the curve has bull steepened with 2s10s up +3 bps.
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