Treasuries are slightly lower across the curve this morning. The UST10-Year yield is currently at 2.327% after closing at 2.319% prior.
Yesterday the market barely reacted to the disappointing economic prints on ISM Manufacturing and Construction Spending. Instead, investors focused more on the comments from Secretary Mnuchin regarding the Trump Administration’s stance on introducing maturities longer than the current 30-Year limit, which caused Treasuries to sell off.
Today’s quiet economic calendar only consists of the April Wards Auto Sales, which is expecting a total vehicle sale of 17.10 Million from 16.53 Million in March. On Wednesday, the market will be focused on the rate decision from the Fed’s May FOMC meeting. On Thursday, we will receive March Trade Balance, and March Factory Orders. Then on Friday, investors will turn their attention on the release of the Nonfarm Payroll data for the month of April.
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Yesterday the market barely reacted to the disappointing economic prints on ISM Manufacturing and Construction Spending. Instead, investors focused more on the comments from Secretary Mnuchin regarding the Trump Administration’s stance on introducing maturities longer than the current 30-Year limit, which caused Treasuries to sell off.
Today’s quiet economic calendar only consists of the April Wards Auto Sales, which is expecting a total vehicle sale of 17.10 Million from 16.53 Million in March. On Wednesday, the market will be focused on the rate decision from the Fed’s May FOMC meeting. On Thursday, we will receive March Trade Balance, and March Factory Orders. Then on Friday, investors will turn their attention on the release of the Nonfarm Payroll data for the month of April.
The curve has bear-steepened with the UST 10-Year up 0.8 bp from prior closing.