Treasuries are slightly higher across the curve this morning. The UST10-Year yield is currently at 2.340% after closing at 2.344% prior.
Today’s economic calendar kicked off with the Housing Starts print for the month of April, coming in 88k below consensus at 1172k after a downwardly revised 1203k in March, as builders slowed down activity after a strong start to the year. Housing StartsMoM fell 2.60% in April after dropping 6.60% (revised) in March, its weakest level since November 2016. Building Permits also came in below expectations at 1229k after an unrevised 1260k in March. Building PermitsMoM slipped 2.50% after rising 3.40% (revised) in March. Industrial Production MoM came in above expectations, rising at its fastest rate in over three years, jumping 1.00% in April after a downwardly revised 0.40% rise in March.
The remainder of this week’s economic calendar will be light, with only the MBA Mortgage Applications for the week ending on May 12th tomorrow, the Philadelphia Fed Business Outlook and Bloomberg Economic Expectations for May headlining Thursday, and no scheduled data to be released on Friday.
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Today’s economic calendar kicked off with the Housing Starts print for the month of April, coming in 88k below consensus at 1172k after a downwardly revised 1203k in March, as builders slowed down activity after a strong start to the year. Housing Starts MoM fell 2.60% in April after dropping 6.60% (revised) in March, its weakest level since November 2016. Building Permits also came in below expectations at 1229k after an unrevised 1260k in March. Building Permits MoM slipped 2.50% after rising 3.40% (revised) in March. Industrial Production MoM came in above expectations, rising at its fastest rate in over three years, jumping 1.00% in April after a downwardly revised 0.40% rise in March.
The remainder of this week’s economic calendar will be light, with only the MBA Mortgage Applications for the week ending on May 12th tomorrow, the Philadelphia Fed Business Outlook and Bloomberg Economic Expectations for May headlining Thursday, and no scheduled data to be released on Friday.
The curve has bull-flattened with the UST 10-Year down 0.4 bp from prior closing.