Treasuries are rallying across the curve this morning after the release of Fed Chairwoman Yellen's congressional testimony. The UST10-Year yield is currently at 2.314% after closing at 2.361% prior.
Fed Chairwoman Yellen will begin her two-day congressional testimony at 7:00 AM (PT) this morning before a House panel. Her prepared statement was released at 5:30 AM (PT) where she stated that the US economy should continue to expand over the next few years, allowing central banks to keep raising interest rates, and also reiterated that the Fed is monitoring the recent low inflation reading. Today's testimony will be followed by a Q&A session with lawmakers.
Our economic calendar opened up with MBA Mortgage Applications for the week ending on July 7th, which fell 7.40% after rising 1.40% the week prior. Purchase applications fell 2.50% after rising 3.10% the week prior, and refinancing applications fell 13.00% after dropping 0.40% the week prior. Treasury will auction $20 Billion in re-opened 10-Year notes at 10:00 AM (PT). Lastly, the latest US Federal ReserveBeige Book will be released later today at 11:00 AM (PT).
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Fed Chairwoman Yellen will begin her two-day congressional testimony at 7:00 AM (PT) this morning before a House panel. Her prepared statement was released at 5:30 AM (PT) where she stated that the US economy should continue to expand over the next few years, allowing central banks to keep raising interest rates, and also reiterated that the Fed is monitoring the recent low inflation reading. Today's testimony will be followed by a Q&A session with lawmakers.
Our economic calendar opened up with MBA Mortgage Applications for the week ending on July 7th, which fell 7.40% after rising 1.40% the week prior. Purchase applications fell 2.50% after rising 3.10% the week prior, and refinancing applications fell 13.00% after dropping 0.40% the week prior. Treasury will auction $20 Billion in re-opened 10-Year notes at 10:00 AM (PT). Lastly, the latest US Federal Reserve Beige Book will be released later today at 11:00 AM (PT).
The curve has bull-flattened with the UST 10-Year down 4.7 bps from prior closing.