Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.859% after closing at 2.870% prior.
Treasuriesextended losses overnight as markets continued to digest?Fed Chairman Powell’s positive assessment on the U.S. economy and yesterday’s release of the Fed’s latest Beige Book that reported a steadiness in the growth of the economy. Treasuries have pared most of the overnight losses this morning after some discouraging corporate earnings results pushed U.S. Stocks and equities lower. On the economic calendar, we received the July Philadelphia Fed Business Outlook which beat expectations with its index reporting at 25.70 versus 21.50 per consensus; its previous level remained unchanged at 19.90.
Initial Jobless Claims for the week ended July 14 fell to its lowest level since 1969 at 207k following its revised mark of 215k the week prior. The recent run of low claims suggests that the labor market remains very tight which is consistent with the Fed’s assessments. Continuing Claims, which lags a week behind, rose 8k to 1751k for the week ended July 7 from its previously revised mark of 1743k the week prior. Lastly, we received the Conference Board US Leading Index for the month of June which rose 0.50% month-over-month following a 0.20% increase in May.
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Treasuries extended losses overnight as markets continued to digest? Fed Chairman Powell’s positive assessment on the U.S. economy and yesterday’s release of the Fed’s latest Beige Book that reported a steadiness in the growth of the economy. Treasuries have pared most of the overnight losses this morning after some discouraging corporate earnings results pushed U.S. Stocks and equities lower. On the economic calendar, we received the July Philadelphia Fed Business Outlook which beat expectations with its index reporting at 25.70 versus 21.50 per consensus; its previous level remained unchanged at 19.90.
Initial Jobless Claims for the week ended July 14 fell to its lowest level since 1969 at 207k following its revised mark of 215k the week prior. The recent run of low claims suggests that the labor market remains very tight which is consistent with the Fed’s assessments. Continuing Claims, which lags a week behind, rose 8k to 1751k for the week ended July 7 from its previously revised mark of 1743k the week prior. Lastly, we received the Conference Board US Leading Index for the month of June which rose 0.50% month-over-month following a 0.20% increase in May.
The curve has bull-flattened with the UST 10-Year yield down 1.1 bps from prior closing.