Treasuries are slightly lower across the curve this morning from Friday’sclose. The UST10-Year yield is currently at 2.248% after closing at 2.238% prior.
Last week the market’s attention was focused on policy decisions of central banks which concluded with both Bank of Japan and European Central Bank leaving their current policies unchanged. The market continues its attentiveness on central banks as investors gear up for this week’s two-day FOMC meeting which begins tomorrow and wraps up on Wednesday. A rate hike is not expected, but investors are looking for indication on how the Feds will handle reducing the current balance sheet.
In economic news, we received the preliminary Markit US Manufacturing PMI for July, which came in above expectations at 53.20 versus 52.30 per consensus. Markit US Services PMI (preliminary) came in as expected at 54.20, unchanged from prior, and Markit US Composite PMI (preliminary) came in at 54.20 versus an upwardly revised 53.90 prior. We also received the Existing Home Sales for the month of June, which fell to 5.52m versus an unrevised 5.62m prior. Existing Home Sales dropped 1.80% MoM versus an increase of 1.10% prior.
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Last week the market’s attention was focused on policy decisions of central banks which concluded with both Bank of Japan and European Central Bank leaving their current policies unchanged. The market continues its attentiveness on central banks as investors gear up for this week’s two-day FOMC meeting which begins tomorrow and wraps up on Wednesday. A rate hike is not expected, but investors are looking for indication on how the Feds will handle reducing the current balance sheet.
In economic news, we received the preliminary Markit US Manufacturing PMI for July, which came in above expectations at 53.20 versus 52.30 per consensus. Markit US Services PMI (preliminary) came in as expected at 54.20, unchanged from prior, and Markit US Composite PMI (preliminary) came in at 54.20 versus an upwardly revised 53.90 prior. We also received the Existing Home Sales for the month of June, which fell to 5.52m versus an unrevised 5.62m prior. Existing Home Sales dropped 1.80% MoM versus an increase of 1.10% prior.
The curve has bear-flattened with the UST 10-Year up 1.0 bp from prior closing.