The UST10-Year yield is at 2.500% this morning after closing at 2.541% yesterday.
U.S. Treasury yields opened lower this morning, recovering some of the losses from yesterday's trading session. Yesterday, the Fed's overnight bank funding rate (OBFR) jumped to 0.91% from 0.66% previously. Overall trading volume slowed, government funds saw net outflows of $10.90 Billion for the week ended March 15th vs. $8.18 Billion inflows the week prior.
In economic releases, Industrial Production remained unchanged in February largely due to unseasonably warm weather causing demand for utilities to drop 5.70% and leading to an overall drop in capacity utilization by 0.10% to 75.40% for the month. Excluding utilities, production was stronger in the manufacturing and mining sectors as the readings indicated a gain of 0.50% and 2.70% respectively.
The leading economic index, a key gauge for future economic activity, rose for the 6th consecutive time in February, increasing by 0.60% to 126.20, its highest level in over a decade. The University of Michigan Index, a gauge for consumer confidence, improved to 97.60 as more Americans are optimistic about the prospect of their personal finances and the economy.
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U.S. Treasury yields opened lower this morning, recovering some of the losses from yesterday's trading session. Yesterday, the Fed's overnight bank funding rate (OBFR) jumped to 0.91% from 0.66% previously. Overall trading volume slowed, government funds saw net outflows of $10.90 Billion for the week ended March 15th vs. $8.18 Billion inflows the week prior.
In economic releases, Industrial Production remained unchanged in February largely due to unseasonably warm weather causing demand for utilities to drop 5.70% and leading to an overall drop in capacity utilization by 0.10% to 75.40% for the month. Excluding utilities, production was stronger in the manufacturing and mining sectors as the readings indicated a gain of 0.50% and 2.70% respectively.
The leading economic index, a key gauge for future economic activity, rose for the 6th consecutive time in February, increasing by 0.60% to 126.20, its highest level in over a decade. The University of Michigan Index, a gauge for consumer confidence, improved to 97.60 as more Americans are optimistic about the prospect of their personal finances and the economy.
The curve has bull-flattened with the UST 10-Year 4.1 bps down from prior closing.
Have A Fantastic Weekend!