Market opened today’s session with treasuries inching lower across all maturities. 10-Yeartreasury yield is at 2.4263, 3.17 bps increased from prior closing of 2.3946.
The negotiators from the US and China are reviewing the fine details of a possible deal to end the ongoing trade war between the world’s two largest economies. It was reported that one of the main focuses now is to ensure nothing gets lost in translation in both English and Chinese versions. Stocks advanced on the news and with today’s gain, the S&P 500 is likely to realize the biggest quarterly gain since the third quarter of 2009. The Nasdaq is also on pace for its best quarterly performance since the first quarter of 2012. Treasuries slid and WTI crude bounced back above $60 a barrel this morning. In the UK, Prime Minister May displayed her relentless as she put her already twice-rejected deal to another vote in Parliament later today. The pound rallied on speculation that some lawmakers could support May’s Brexit plan in today’s vote.
Personal Income in February increased 0.20% from -0.10% in January vs. 0.30% consensus. Personal Spending in January also increased 0.10% from a downwardly revised prior of -0.60% vs. 0.30% consensus. MNI Chicago PMI in March fell to 58.70 from 64.70 prior vs. 61.00 consensus. New Home Sales in February increased to 667k from an upwardly revised prior of 636k vs. 620k consensus. Lastly, University of Michigan Sentiment also rose to 98.40 vs. both consensus and prior of 97.80. Fed Governor Quarles will speak on macroprudential policy to the Shadow Open Market Committee in New York at 9:05 AM (PT).
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The negotiators from the US and China are reviewing the fine details of a possible deal to end the ongoing trade war between the world’s two largest economies. It was reported that one of the main focuses now is to ensure nothing gets lost in translation in both English and Chinese versions. Stocks advanced on the news and with today’s gain, the S&P 500 is likely to realize the biggest quarterly gain since the third quarter of 2009. The Nasdaq is also on pace for its best quarterly performance since the first quarter of 2012. Treasuries slid and WTI crude bounced back above $60 a barrel this morning. In the UK, Prime Minister May displayed her relentless as she put her already twice-rejected deal to another vote in Parliament later today. The pound rallied on speculation that some lawmakers could support May’s Brexit plan in today’s vote.
Personal Income in February increased 0.20% from -0.10% in January vs. 0.30% consensus. Personal Spending in January also increased 0.10% from a downwardly revised prior of -0.60% vs. 0.30% consensus. MNI Chicago PMI in March fell to 58.70 from 64.70 prior vs. 61.00 consensus. New Home Sales in February increased to 667k from an upwardly revised prior of 636k vs. 620k consensus. Lastly, University of Michigan Sentiment also rose to 98.40 vs. both consensus and prior of 97.80. Fed Governor Quarles will speak on macroprudential policy to the Shadow Open Market Committee in New York at 9:05 AM (PT).
The curve has bear-flattened with UST 10-Year yield up 3.17 bps.