Treasuries are slightly lower across the curve after the release of private sector data showed that businesses added 263k jobs in March. The UST10-Year yield is currently at 2.375% after closing at 2.361% prior.
Yesterday treasuries modestly retraced Monday’s gains when data showed that the trade deficit decreased more than expected. This morning we received the March ADP private payrolls data, which reported a gain of 263k new jobs, 78k better than consensus. MBA mortgage applications showed a 1.60% decrease in the week ending on March 31st, as purchase applications increased by 1.00% while refinance activities dropped 4.00%. The final reading of the March Markit services PMI came in at 52.80 from 52.90 in the flash, and the composite PMI came in at 53.00 from 53.20 in the flash.
Richmond Fed President Lacker, a non-voting FOMC member, unexpectedly resigned yesterday afternoon ahead of the release of the FOMC Minutes this morning at 11:00 AM (PT). Lacker dominated the headlines after admitting that he violated confidentiality in an interview with Medley Advisors back in 2012.
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Yesterday treasuries modestly retraced Monday’s gains when data showed that the trade deficit decreased more than expected. This morning we received the March ADP private payrolls data, which reported a gain of 263k new jobs, 78k better than consensus. MBA mortgage applications showed a 1.60% decrease in the week ending on March 31st, as purchase applications increased by 1.00% while refinance activities dropped 4.00%. The final reading of the March Markit services PMI came in at 52.80 from 52.90 in the flash, and the composite PMI came in at 53.00 from 53.20 in the flash.
Richmond Fed President Lacker, a non-voting FOMC member, unexpectedly resigned yesterday afternoon ahead of the release of the FOMC Minutes this morning at 11:00 AM (PT). Lacker dominated the headlines after admitting that he violated confidentiality in an interview with Medley Advisors back in 2012.
The curve has bear-steepened with the UST 10-Year up 1.4 bps from prior closing.