Treasuries are slightly higher across the curve this morning from Monday's close. The UST10-Year yield is currently at 2.337% after closing at 2.351% prior.
The market continued its sell-off on Monday led by the unexpectedly ISM Manufacturing Index rise in June, but treasuries somewhat rallied after North Korea launched another missile over the 4th of July holiday that pushed investors to flee to safe-haven assets. The market's attention has shifted back on the central banks and the FOMC Minutes from the latest Fed meeting which will be released later today.
This morning we received the Factory Orders for the month of May fell 0.80% after a downwardly revised drop of 0.30% in April; consensus expected a 0.50% drop. Factory Orders excluding transportation fell 0.30%. Durable Goods Orders also fell 0.80% as expected after an unrevised drop of 1.10% in April; durables excluding transportation rose 0.30%. Cap Goods Orders Nondef ex-air rose 0.20% in May after falling 0.20% in April and Cap Goods Ship Nondef ex-air rose 0.10% in May after dropping 0.20% in April.
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The market continued its sell-off on Monday led by the unexpectedly ISM Manufacturing Index rise in June, but treasuries somewhat rallied after North Korea launched another missile over the 4th of July holiday that pushed investors to flee to safe-haven assets. The market's attention has shifted back on the central banks and the FOMC Minutes from the latest Fed meeting which will be released later today.
This morning we received the Factory Orders for the month of May fell 0.80% after a downwardly revised drop of 0.30% in April; consensus expected a 0.50% drop. Factory Orders excluding transportation fell 0.30%. Durable Goods Orders also fell 0.80% as expected after an unrevised drop of 1.10% in April; durables excluding transportation rose 0.30%. Cap Goods Orders Nondef ex-air rose 0.20% in May after falling 0.20% in April and Cap Goods Ship Nondef ex-air rose 0.10% in May after dropping 0.20% in April.
The curve has bull-flattened with the UST 10-Year down 1.4 bps from prior closing.