Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.243% after closing at 2.256% prior.
Global equity markets headed towards a lower finish to the week as a slump in crude was triggered by the OPEC’s move to prolong supply cuts for nine months. Treasuriesrallied overnight upon the renewed OPEC deal, but most of the gains have been erased from the revised 1Q economic numbers received this morning.
Per the “second” estimate released this morning, GDP increased at an annual rate of 1.20% in the first quarter of 2017 versus a 0.70% gain per last month’s “advance” estimate on stronger business investment and personal consumption. Personal Consumption came in better than expected rising 0.60% versus the 0.40% “advance” estimate, and GDP Price Index increased 2.20%, slightly lower than the 2.30% “advance” estimate. Durable Goods orders fell 0.70% in April after an upwardly revised increase of 2.30% in March. The April Durables Ex-Transportation fell 0.40% from an upwardly revised 0.80% rise in March.
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Global equity markets headed towards a lower finish to the week as a slump in crude was triggered by the OPEC’s move to prolong supply cuts for nine months. Treasuries rallied overnight upon the renewed OPEC deal, but most of the gains have been erased from the revised 1Q economic numbers received this morning.
Per the “second” estimate released this morning, GDP increased at an annual rate of 1.20% in the first quarter of 2017 versus a 0.70% gain per last month’s “advance” estimate on stronger business investment and personal consumption. Personal Consumption came in better than expected rising 0.60% versus the 0.40% “advance” estimate, and GDP Price Index increased 2.20%, slightly lower than the 2.30% “advance” estimate. Durable Goods orders fell 0.70% in April after an upwardly revised increase of 2.30% in March. The April Durables Ex-Transportation fell 0.40% from an upwardly revised 0.80% rise in March.
The curve has bull-flattened with the UST 10-Year down 1.3 bps from prior closing.
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