Treasuriesare lower across the curve this morning, triggered by the results of the French election over the weekend. The UST10-Year yield is currently at 2.298% after closing at 2.249% prior.
On Sunday, the first stage of the French elections produced the top two candidates of pro-growth centrist Emmanuel Macron and far-right nationalist Marine Le Pen; the two will square off on May 7th. Macron’s top finish in voting helped ease the fear of a possible “Frexit”, although a Le Pen victory could still result in a French Departure from the EU.
This morning we received the March Chicago Fed Nat Activity Index, which came in below expectations at 0.08 versus a downwardly revised 0.27 prior. At 7:30 AM (PT), the April data in the Dallas Fed Manf. Activity index dropped to 16.80 from 16.90 prior. The rest of the week consists of Tuesday’s March New Home Sales, Wednesday’sMBA Mortgage Applications, Thursday’sWholesale Inventories and Durable Goods Orders, and Friday’s 1Q GDP report.
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On Sunday, the first stage of the French elections produced the top two candidates of pro-growth centrist Emmanuel Macron and far-right nationalist Marine Le Pen; the two will square off on May 7th. Macron’s top finish in voting helped ease the fear of a possible “Frexit”, although a Le Pen victory could still result in a French Departure from the EU.
This morning we received the March Chicago Fed Nat Activity Index, which came in below expectations at 0.08 versus a downwardly revised 0.27 prior. At 7:30 AM (PT), the April data in the Dallas Fed Manf. Activity index dropped to 16.80 from 16.90 prior. The rest of the week consists of Tuesday’s March New Home Sales, Wednesday’s MBA Mortgage Applications, Thursday’s Wholesale Inventories and Durable Goods Orders, and Friday’s 1Q GDP report.
The curve has bear-flattened with the UST 10-Year up 4.9 bps from prior closing.