Treasuries are modestly higher across the curve this morning amid U.S. political turmoil. The UST10-Year yield is currently at 2.266% after closing at 2.327% prior.
Without any significant economic data releases on our calendar, the market has turned its attention to U.S. political uncertainty, in which President Trump is currently facing the deepest crisis of his presidency upon the surfacing of former FBI director James Comey’s memo showing Trump’s request for Comey to drop an inquiry investigating links between Russia and ex-national security adviser Michael Flynn. The dollar is weaker, stocks are down, and bonds are rallying as a result of this political turmoil.
This morning we received the MBA Mortgage Applications index for the week ending on May 12th, showing that overall application activities fell 4.10% from the previous week. Purchase applications fell 2.70% after rising 1.70% in the week prior, and refinancing activities dropped 5.70% after rising 3.30% in the week prior.
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Without any significant economic data releases on our calendar, the market has turned its attention to U.S. political uncertainty, in which President Trump is currently facing the deepest crisis of his presidency upon the surfacing of former FBI director James Comey’s memo showing Trump’s request for Comey to drop an inquiry investigating links between Russia and ex-national security adviser Michael Flynn. The dollar is weaker, stocks are down, and bonds are rallying as a result of this political turmoil.
This morning we received the MBA Mortgage Applications index for the week ending on May 12th, showing that overall application activities fell 4.10% from the previous week. Purchase applications fell 2.70% after rising 1.70% in the week prior, and refinancing activities dropped 5.70% after rising 3.30% in the week prior.
The curve has bull-flattened with the UST 10-Year down 6.1 bps from prior closing.