Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST10-Year is currently at 2.916% after closing at 2.874% during the prior session.
The downward trajectory for treasuries continued at today’s opening following low-trading and debt sell-offs in European markets earlier in the day; while inflation-protected debt held ground ahead of today’s auction of $16 Billion in 5-Year TIPS at 10:00 AM (PT).
Initial Jobless Claims for the week ended on April 14 reached 232k, above estimates of 230k but marginally below previous 233k mark. Continuing Claims for the week ended on April 7 reached 1863k, above estimates of 1845k but down from previous 1878k revised mark. Further, the Bloomberg Economic Expectations Index scored 52.50 for April versus 56.00 prior; while Bloomberg’s Consumer Comfort Index for the week ended April 15 scored 58.10 versus 58.00 prior. Finally, the Philadelphia Fed Business Outlook Survey for April came in at 23.20, above consensus of 21.00 and above previous 22.30 mark; while the Conference Board’s Leading Index for March rose 0.30% during the period, in line with market estimates but down from prior 0.70% revised mark.
Featured Federal Reserve speakers for today include Governor Brainard, who will discuss regulatory reform in Washington; Vice Chair Quarles, who will give the semi-annual testimony before the Senate’s Banking Committee; and Cleveland’s President Mester, who will discuss policy and the economy in Pittsburg.
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The downward trajectory for treasuries continued at today’s opening following low-trading and debt sell-offs in European markets earlier in the day; while inflation-protected debt held ground ahead of today’s auction of $16 Billion in 5-Year TIPS at 10:00 AM (PT).
Initial Jobless Claims for the week ended on April 14 reached 232k, above estimates of 230k but marginally below previous 233k mark. Continuing Claims for the week ended on April 7 reached 1863k, above estimates of 1845k but down from previous 1878k revised mark. Further, the Bloomberg Economic Expectations Index scored 52.50 for April versus 56.00 prior; while Bloomberg’s Consumer Comfort Index for the week ended April 15 scored 58.10 versus 58.00 prior. Finally, the Philadelphia Fed Business Outlook Survey for April came in at 23.20, above consensus of 21.00 and above previous 22.30 mark; while the Conference Board’s Leading Index for March rose 0.30% during the period, in line with market estimates but down from prior 0.70% revised mark.
Featured Federal Reserve speakers for today include Governor Brainard, who will discuss regulatory reform in Washington; Vice Chair Quarles, who will give the semi-annual testimony before the Senate’s Banking Committee; and Cleveland’s President Mester, who will discuss policy and the economy in Pittsburg.
The curve has bear-steepened with the UST 10-Year yield up 4.2 bps from prior closing.