Treasury Yields Lower as Trump-Xi Meeting Gets Delayed
Market opened today’s session with treasuries slightly inching higher across all maturities. 10-Yeartreasury yield is at 2.6105, 1.08 bps decreased from prior closing of 2.6213.
US stock futures fluctuated this morning as a trade meeting between President Trump and his Chinese counterpart Xi to sign an agreement will reportedly be delayed until April at the earliest. Both treasuries and the dollar advanced as well as WTI crude trading above $58 a barrel this morning. In overseas, the UK moved closer to delay Brexit after Parliament rejected leaving the EU without an agreement in place. The EU is open to a delay until May but will require Britain to give a clear reason for pushing back the deadline. In corporate news, Boeing continued to struggle as the FAA joined global regulators in grounding the jet as evidence has emerged, linking the previous crash to the one from last Sunday with the same problems.
In the economic calendar today, Import Price Index in February climbed 0.60% from 0.10% revised prior vs. 0.30% consensus. Initial Jobless Claims increased to 229k from 223k prior vs. 225k and Continuing Claims also rose to 1776k from 1758k revised prior vs. 1763k consensus, stabilizing after a few volatile months due to the government shutdown. Bloomberg Consumer Comfort inched lower to 60.80 from 62.10 and finally, New Home Sales in January also fell to 607k from 652k revised prior vs. 622k consensus. The US Treasury is scheduled to auction off $60 billion of 4-week bills and $35 billion of 8-week bills at 8:30 AM (PT) today.
This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice
US stock futures fluctuated this morning as a trade meeting between President Trump and his Chinese counterpart Xi to sign an agreement will reportedly be delayed until April at the earliest. Both treasuries and the dollar advanced as well as WTI crude trading above $58 a barrel this morning. In overseas, the UK moved closer to delay Brexit after Parliament rejected leaving the EU without an agreement in place. The EU is open to a delay until May but will require Britain to give a clear reason for pushing back the deadline. In corporate news, Boeing continued to struggle as the FAA joined global regulators in grounding the jet as evidence has emerged, linking the previous crash to the one from last Sunday with the same problems.
In the economic calendar today, Import Price Index in February climbed 0.60% from 0.10% revised prior vs. 0.30% consensus. Initial Jobless Claims increased to 229k from 223k prior vs. 225k and Continuing Claims also rose to 1776k from 1758k revised prior vs. 1763k consensus, stabilizing after a few volatile months due to the government shutdown. Bloomberg Consumer Comfort inched lower to 60.80 from 62.10 and finally, New Home Sales in January also fell to 607k from 652k revised prior vs. 622k consensus. The US Treasury is scheduled to auction off $60 billion of 4-week bills and $35 billion of 8-week bills at 8:30 AM (PT) today.
The curve has bull-steepened with UST 10-Year yield down 1.08 bps.