Treasuries are modestly lower across the curve this morning from Friday’sclose. The UST10-Year yield is currently at 2.861% after closing at 2.828% prior.
Treasurieslowered overnight and extended losses early this morning after U.S. Retail Sales data showed strong upwardly revisions in May. Retail Sales Advance for June rose in line with expectations at 0.50% month-over-month, while May’s initial release was revised higher from 0.80% to 1.30%. Moreover, Retail Sales excluding Auto rose better than expected at 0.40% in June versus a 0.30% increase per consensus, while the May data was also revised higher from 0.90% to 1.40%. Lastly, the Retail Sales excluding Auto and Gas rose 0.30% in June, and its prior mark in May was also upwardly revised from 0.80% to 1.30%.
We also received the Empire Manufacturing print for July which came in better than expected at 22.60 versus 21.00 per consensus; its prior mark remained unchanged at 25.00. On Tuesday we will receive the June Industrial and Manufacturing Production reports as well as the NAHB Housing Market Index for July. Then on Wednesday, we will receive the Housing Starts and Building Permits reports for June, and the Fed’s latest version of its Beige Book will also be available. Lastly, we will have the July Philadelphia Fed Business Outlook and June Leading Index available on Thursday.
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Treasuries lowered overnight and extended losses early this morning after U.S. Retail Sales data showed strong upwardly revisions in May. Retail Sales Advance for June rose in line with expectations at 0.50% month-over-month, while May’s initial release was revised higher from 0.80% to 1.30%. Moreover, Retail Sales excluding Auto rose better than expected at 0.40% in June versus a 0.30% increase per consensus, while the May data was also revised higher from 0.90% to 1.40%. Lastly, the Retail Sales excluding Auto and Gas rose 0.30% in June, and its prior mark in May was also upwardly revised from 0.80% to 1.30%.
We also received the Empire Manufacturing print for July which came in better than expected at 22.60 versus 21.00 per consensus; its prior mark remained unchanged at 25.00. On Tuesday we will receive the June Industrial and Manufacturing Production reports as well as the NAHB Housing Market Index for July. Then on Wednesday, we will receive the Housing Starts and Building Permits reports for June, and the Fed’s latest version of its Beige Book will also be available. Lastly, we will have the July Philadelphia Fed Business Outlook and June Leading Index available on Thursday.
The curve has bear-steepened with the UST 10-Year yield up 3.3 bps from prior closing.