Treasuries are moderately higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.245% after closing at 2.270% prior.
The market has been dominated by central banks this morning. Bank of Japan left its policy unchanged and pushed the timing for reaching their inflation target towards the year 2020. European Central Bank also kept their rates on hold as expected, and President Mario Draghi stated that the ECB does not want unwarranted tightening of financial conditions because inflation is not where they want and where it should be at this point.
In economic news, we received the Initial Jobless Claims for the week ending on July 15th which fell 15k to 233k from an upwardly revised 248k the week prior, dropping to its lowest level since May 13th. Continuing Claims ending on July 8th rose 28k from an upwardly revised 1949k the week prior. We also received the Philadelphia Fed Business Outlook for the month of July, which came in lower than the expected at 19.50 versus 23.00 per consensus.
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The market has been dominated by central banks this morning. Bank of Japan left its policy unchanged and pushed the timing for reaching their inflation target towards the year 2020. European Central Bank also kept their rates on hold as expected, and President Mario Draghi stated that the ECB does not want unwarranted tightening of financial conditions because inflation is not where they want and where it should be at this point.
In economic news, we received the Initial Jobless Claims for the week ending on July 15th which fell 15k to 233k from an upwardly revised 248k the week prior, dropping to its lowest level since May 13th. Continuing Claims ending on July 8th rose 28k from an upwardly revised 1949k the week prior. We also received the Philadelphia Fed Business Outlook for the month of July, which came in lower than the expected at 19.50 versus 23.00 per consensus.
The curve has bull-flattened with the UST 10-Year down 2.5 bps from prior closing.