Treasuries are lower across the curve this morning from Friday'sclose. The UST10-Year yield is currently at 2.325% after closing at 2.305% prior.
The marketsold off last week as investors digested the comments from global central bankers regarding policy normalization amid improving fundamentals. The U.S. curve steepened as longer-term Treasury yields rose throughout the week. With a short week due to the 4th of July holiday, our economic calendar consists of heavy data, including the release of the FOMC Minutes from the June 14th meeting and the employment report for the month of June.
This morning we received the Markit US Manufacturing PMI for June which read slightly below expectations at 52.00 versus 52.10 per consensus. The June ISM Manufacturing data rose to 57.80 from 54.90 in May, exceeding the expected 55.30 reading per consensus; ISM Prices Paid in June fell to 55.00 from 60.50 in May. Lastly, Construction Spending for May came in below expectations at 0.00% versus a 0.30% increase per consensus after an upwardly revised drop of 0.70% in April.
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The market sold off last week as investors digested the comments from global central bankers regarding policy normalization amid improving fundamentals. The U.S. curve steepened as longer-term Treasury yields rose throughout the week. With a short week due to the 4th of July holiday, our economic calendar consists of heavy data, including the release of the FOMC Minutes from the June 14th meeting and the employment report for the month of June.
This morning we received the Markit US Manufacturing PMI for June which read slightly below expectations at 52.00 versus 52.10 per consensus. The June ISM Manufacturing data rose to 57.80 from 54.90 in May, exceeding the expected 55.30 reading per consensus; ISM Prices Paid in June fell to 55.00 from 60.50 in May. Lastly, Construction Spending for May came in below expectations at 0.00% versus a 0.30% increase per consensus after an upwardly revised drop of 0.70% in April.
The curve has bear-flattened with the UST 10-Year up 2.0 bps from prior closing.