Treasuries are moderately lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.301% after closing at 2.256% prior.
Treasury yields inched higher this morning ahead of the two-day FOMC meeting scheduled for today and tomorrow as investors await the Fed's forthcoming decision for the looming normalization of the central bank's balance sheet. In economic news, we received the FHFA House Price Index for May which rose 0.40% after a downwardly revised 0.60% increase in April; consensus called for a 0.50% increase in home prices for May, so the reading came in just below expectations. The May S&P CoreLogic Case-Shiller 20-City Home Composite Price Index rose 0.10% versus an expected 0.30% rise per consensus, and rose 5.69% YoY after an upwardly revised rise of 5.77% in April.
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Treasury yields inched higher this morning ahead of the two-day FOMC meeting scheduled for today and tomorrow as investors await the Fed's forthcoming decision for the looming normalization of the central bank's balance sheet. In economic news, we received the FHFA House Price Index for May which rose 0.40% after a downwardly revised 0.60% increase in April; consensus called for a 0.50% increase in home prices for May, so the reading came in just below expectations. The May S&P CoreLogic Case-Shiller 20-City Home Composite Price Index rose 0.10% versus an expected 0.30% rise per consensus, and rose 5.69% YoY after an upwardly revised rise of 5.77% in April.
Later today at 10:00 AM (PT), Treasury will auction $15 Billion of new 2-Year notes. The remainder of this week's economic calendar includes tomorrow's New Home Sales data for June, Thursday's Durable Goods Orders and Wholesale Inventories for June, and Friday's 2Q advance reading of GDP Annualized, Personal Consumption, GDP Price Index and Core PCE.
The curve has bear-steepened with the UST 10-Year up 4.5 bps from prior closing.