Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.203% after closing at 2.211% prior.
This morning we received the MBA Mortgage Applications for the week ending on May 26th showing a drop of 3.40% in applications after rising 4.40% the week prior. Purchase applications fell 1.40% after falling 0.80% in the week prior, while refinancing activities dropped 5.60% after rising 10.50% in the week prior. The May Chicago Purchasing Manager came in below expectations at 55.20 versus 57.00 per consensus, slipping from its 58.30 reading in April. The Pending Home Sales for the month of April fell 1.30% after a downwardly revised drop of 0.90% in March.
Later today at 11:00 AM (PT), the U.S. Federal Reserve will release the May Beige Book in anticipation of its June 14 meeting. There are two scheduled Fed Speaks today, including Dallas Fed President Kaplan who will participate in a moderated Q&A at the Council of Foreign Relations in New York, and San Francisco Fed President Williams who will speak in Seoul on global economic and financial challenges.
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This morning we received the MBA Mortgage Applications for the week ending on May 26th showing a drop of 3.40% in applications after rising 4.40% the week prior. Purchase applications fell 1.40% after falling 0.80% in the week prior, while refinancing activities dropped 5.60% after rising 10.50% in the week prior. The May Chicago Purchasing Manager came in below expectations at 55.20 versus 57.00 per consensus, slipping from its 58.30 reading in April. The Pending Home Sales for the month of April fell 1.30% after a downwardly revised drop of 0.90% in March.
Later today at 11:00 AM (PT), the U.S. Federal Reserve will release the May Beige Book in anticipation of its June 14 meeting. There are two scheduled Fed Speaks today, including Dallas Fed President Kaplan who will participate in a moderated Q&A at the Council of Foreign Relations in New York, and San Francisco Fed President Williams who will speak in Seoul on global economic and financial challenges.
The curve has bull-flattened with the UST 10-Year down 0.8 bp from prior closing.