Treasuriesare moderately lower across the curve this morning from Friday's close. The UST10-Year yield is currently at 2.175% after closing at 2.160% prior.
From today's economic calendar, we received the Final May Markit US Services PMI which fell to 53.60 from 54.00 prior; the Final May Markit US Composite PMI also came in at 53.60, dropping from 53.90 prior. The ISM Non-Manufacturing Composite for May slipped to 56.90 versus 57.50 prior. The Factory Orders for April fell 0.20% from an upwardly revised 1.00% rise prior. The Durable Goods Orders dropped 0.80% versus an expected drop of 0.60% per consensus, and Durables Excluding Transportation fell 0.50% versus an expected drop of 0.20% per consensus.
The rest of the week consists of very light economic data. Tomorrow we will receive the JOLTS Job Openings for April, on Wednesday we will receive the MBA Mortgage Applications for the week ending on June 2nd and the Consumer Credit data for April, on Thursday we will have the Initial Jobless Claims for the week ending on June 3rd and Continuing Claims for the week ending on May 27th, and lastly, we will receive the final print of the Wholesale Inventories for April on Friday.
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From today's economic calendar, we received the Final May Markit US Services PMI which fell to 53.60 from 54.00 prior; the Final May Markit US Composite PMI also came in at 53.60, dropping from 53.90 prior. The ISM Non-Manufacturing Composite for May slipped to 56.90 versus 57.50 prior. The Factory Orders for April fell 0.20% from an upwardly revised 1.00% rise prior. The Durable Goods Orders dropped 0.80% versus an expected drop of 0.60% per consensus, and Durables Excluding Transportation fell 0.50% versus an expected drop of 0.20% per consensus.
The rest of the week consists of very light economic data. Tomorrow we will receive the JOLTS Job Openings for April, on Wednesday we will receive the MBA Mortgage Applications for the week ending on June 2nd and the Consumer Credit data for April, on Thursday we will have the Initial Jobless Claims for the week ending on June 3rd and Continuing Claims for the week ending on May 27th, and lastly, we will receive the final print of the Wholesale Inventories for April on Friday.
The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.