Treasuries are little unchanged across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.380% after closing at 2.374% prior.
This morning we received the NFIB Small Business Optimism index for June, which fell more than expected at 103.60 from 104.50 prior; consensus estimated a small drop to 104.40. We also received the Wholesale Inventories final reading for May, which increased 0.40% after rising 0.30% in April. Wholesale Trade Sales for May fell 0.50% after dropping 0.30% prior (revised).
Later today, Treasury will auction $24 Billion new 3-Year notes at 10:00 AM (PT). There are two scheduled Fed Speaks today, including Fed Governor Lael Brainard who will speak about the balance sheet normalization at a conference in New York at 9:30 AM (PT), and Minneapolis Fed President Kashkari who will speak at a women's economic round table at 10:20 AM (PT).
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This morning we received the NFIB Small Business Optimism index for June, which fell more than expected at 103.60 from 104.50 prior; consensus estimated a small drop to 104.40. We also received the Wholesale Inventories final reading for May, which increased 0.40% after rising 0.30% in April. Wholesale Trade Sales for May fell 0.50% after dropping 0.30% prior (revised).
Later today, Treasury will auction $24 Billion new 3-Year notes at 10:00 AM (PT). There are two scheduled Fed Speaks today, including Fed Governor Lael Brainard who will speak about the balance sheet normalization at a conference in New York at 9:30 AM (PT), and Minneapolis Fed President Kashkari who will speak at a women's economic round table at 10:20 AM (PT).
The curve has bear-steepened with the UST 10-Year up 0.6 bp from prior closing.