Treasuries are little unchanged across the curve this morning from Friday's close. The UST10-Year yield is currently at 2.300% after closing at 2.290% prior.
This week's economic calendar is packed with important reports ahead of Friday's Nonfarm Payrolls for the month of July. This morning we received the Chicago Purchasing Manager, which pulled back to 58.90 from 65.70 prior; the actual data came in below expectations as consensus estimated a drop from 65.70 to 60.00. We also received June's Pending Home Sales, which rose 1.50% from after dropping 0.70% (revised) prior. Pending Home Sales NSA YoY held steady at 0.70% from an upwardly revised 0.70% prior.
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This week's economic calendar is packed with important reports ahead of Friday's Nonfarm Payrolls for the month of July. This morning we received the Chicago Purchasing Manager, which pulled back to 58.90 from 65.70 prior; the actual data came in below expectations as consensus estimated a drop from 65.70 to 60.00. We also received June's Pending Home Sales, which rose 1.50% from after dropping 0.70% (revised) prior. Pending Home Sales NSA YoY held steady at 0.70% from an upwardly revised 0.70% prior.
Later this morning at 8:30 AM (PT), US will sell $39 Billion 3-month bills and $33 Billion 6-month bills. The remainder of this week's economic calendar includes Tuesday's Personal Income and Spending for June and ISM Manufacturing and ISM Prices Paid for July, Wednesday's ADP Employment Change for July, Thursday's Factory Orders and Durable Goods Orders for June and Markit US Services PMI and Composite PMI for July, and Friday's employment report for the month of July.
The curve has bear-steepened with the UST 10-Year up 1.0 bp from prior closing.