Treasuries are nearly unchanged across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.326% after closing at 2.336% prior.
The FOMC meeting concludes today at 11:00 AM (PT). There will not be a press conference or economic projections accompanying the Official Statement. The committee is not expected to raise interest rates at the end of this meeting given the recent weak inflation and economic data. The attention will be focused on the timeline given by the Fed on when they will begin shrinking the central bank's balance sheet.
In economic data releases, we received the MBA Mortgage Applications for the week ending on July 21st which rose 0.40% after showing an increase of 6.30% in activities the week prior. Purchase applications fell 2.20% after rising 1.10% the week prior, and refinancing activities increased 3.40% after rising 13.00% the week prior. We also received the New Home Sales for June which rose 5k to 610k from a downwardly revised 605k in May. New Home Sales MoM came in line with expectations at 0.80%, down from an upwardly revised 4.90% prior.
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The FOMC meeting concludes today at 11:00 AM (PT). There will not be a press conference or economic projections accompanying the Official Statement. The committee is not expected to raise interest rates at the end of this meeting given the recent weak inflation and economic data. The attention will be focused on the timeline given by the Fed on when they will begin shrinking the central bank's balance sheet.
In economic data releases, we received the MBA Mortgage Applications for the week ending on July 21st which rose 0.40% after showing an increase of 6.30% in activities the week prior. Purchase applications fell 2.20% after rising 1.10% the week prior, and refinancing activities increased 3.40% after rising 13.00% the week prior. We also received the New Home Sales for June which rose 5k to 610k from a downwardly revised 605k in May. New Home Sales MoM came in line with expectations at 0.80%, down from an upwardly revised 4.90% prior.
The curve has bull-flattened with the UST 10-Year down 1.0 bp from prior closing.