Treasuriesare lower across the curve this morning after the US administration released a statement to slash the corporate tax rate. The UST10-Year yield is currently at 2.305% after closing at 2.274% prior.
Yesterday, the treasurymarket was driven into a risk-on mode from the results of the French election over the weekend. Treasuries were driven lower again this morning after President Trump’s call for a corporate tax rate cut; he intends to lay out broad tax principles on Wednesday.
In economic news, the FHFA House Price IndexMoM came in above expectations at 0.80% versus an upwardly revised 0.20% prior, as U.S. house prices showed no signs of slowing. The February Case-Shiller 20-City Home Composite Price Index rose 0.69% MoM after a 0.86% rise prior. New Home Sales for the month of March came in well above expectations at 621k after a downwardly revised 587k in February. The U.S. April Consumer Confidence fell to 120.30 from a downwardly revised 124.90 in March. The April Richmond Fed Manufacturing Index dropped down to 20 from 22 prior; consensus expected the index to drop back down to 16.
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Yesterday, the treasury market was driven into a risk-on mode from the results of the French election over the weekend. Treasuries were driven lower again this morning after President Trump’s call for a corporate tax rate cut; he intends to lay out broad tax principles on Wednesday.
In economic news, the FHFA House Price Index MoM came in above expectations at 0.80% versus an upwardly revised 0.20% prior, as U.S. house prices showed no signs of slowing. The February Case-Shiller 20-City Home Composite Price Index rose 0.69% MoM after a 0.86% rise prior. New Home Sales for the month of March came in well above expectations at 621k after a downwardly revised 587k in February. The U.S. April Consumer Confidence fell to 120.30 from a downwardly revised 124.90 in March. The April Richmond Fed Manufacturing Index dropped down to 20 from 22 prior; consensus expected the index to drop back down to 16.
The curve has bear-steepened with the UST 10-Year up 3.1 bps from prior closing.