Treasuriesare modestly higher across the curve this morning after Prime Minister May's announcement of seeking an early U.K. Election. The UST10-Year yield is currently at 2.220% after closing at 2.251% prior.
U.K. Prime Minister Theresa May announced that she plans to seek an early election on June 8 in an attempt to increase the Conservative Party's position heading into Brexit negotiations. The early election would be over two years ahead of schedule. Oil prices fell, while treasuriesrallied upon the announcement.
This morning we received the March Housing Starts, which came in at 1215k after an upwardly revised 1303k in February. Housing Starts fell 6.80% to a four-month low as new-home construction slowed down. March Building Permits rose 3.60%, coming in above expectations at 1260k after an upwardly revised 1216k in the month prior. The rest of this week's economic calendar consists of the FedBeige Bookon Wednesday, Leading Indexon Thursday, and Existing Home Saleson Friday.
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U.K. Prime Minister Theresa May announced that she plans to seek an early election on June 8 in an attempt to increase the Conservative Party's position heading into Brexit negotiations. The early election would be over two years ahead of schedule. Oil prices fell, while treasuries rallied upon the announcement.
This morning we received the March Housing Starts, which came in at 1215k after an upwardly revised 1303k in February. Housing Starts fell 6.80% to a four-month low as new-home construction slowed down. March Building Permits rose 3.60%, coming in above expectations at 1260k after an upwardly revised 1216k in the month prior. The rest of this week's economic calendar consists of the Fed Beige Book on Wednesday, Leading Index on Thursday, and Existing Home Sales on Friday.
The curve has bull-flattened with the UST 10-Year down 3.1 bps from prior closing.