Treasuriessold-off overnight and are moderately lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.188% after closing at 2.138% prior.
This morning we received the S&P CoreLogic Case-Shiller 20-City for April, which rose 0.28% MoM versus a downwardly revised 0.53% increase in March. S&P CoreLogic Case-Shiller 20-City property values index rose 5.67% YoY and S&P CoreLogic Case-ShillerHPI increased 5.50% YoY. June Consumer Confidence rose 118.90 versus a downwardly revised 117.60 prior; consensus expected a 116.00 rise. The June Richmond Fed Manufacturing Index came in at +7.00 versus an expected increase of +5.00 per consensus.
Later today at 10:00 AM (PT), Treasury will auction $34 Billion 5-Year Notes. There are several Fed Speaks scheduled today, including FedHarker who will speak on international trade and the economic outlook at 8:00 AM (PT). Fed Chairwoman Yellen will speak on global economic issues in London at 10:00 AM (PT), and FedKashkari is scheduled to speak at a townhall event in Michigan at 2:30 PM (PT).
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This morning we received the S&P CoreLogic Case-Shiller 20-City for April, which rose 0.28% MoM versus a downwardly revised 0.53% increase in March. S&P CoreLogic Case-Shiller 20-City property values index rose 5.67% YoY and S&P CoreLogic Case-Shiller HPI increased 5.50% YoY. June Consumer Confidence rose 118.90 versus a downwardly revised 117.60 prior; consensus expected a 116.00 rise. The June Richmond Fed Manufacturing Index came in at +7.00 versus an expected increase of +5.00 per consensus.
Later today at 10:00 AM (PT), Treasury will auction $34 Billion 5-Year Notes. There are several Fed Speaks scheduled today, including Fed Harker who will speak on international trade and the economic outlook at 8:00 AM (PT). Fed Chairwoman Yellen will speak on global economic issues in London at 10:00 AM (PT), and Fed Kashkari is scheduled to speak at a townhall event in Michigan at 2:30 PM (PT).
The curve has bear-steepened with the UST 10-Year up 5.0 bps from prior closing.