Treasuries are slightly lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.269% after closing at 2.254% prior.
Yesterday treasuriesrallied as the market was presented with some disappointing data from the U.S. mobile industry. Sales at General Motors dropped 15.00% in July which was the largest drop in over a year, while other automakers showed similar trends. Treasuries opened up lower this morning ahead of the release of ADP's report on private sector payrolls, which rose 12k below expectations at 178k versus 190k per consensus. The June private sector data was upwardly revised from 158k to 191k.
We also received the MBA Mortgage Applications for the week ending on July 28th which fell 2.80% after increasing by 0.40% in activities the week prior. Purchase applications dropped 2.00% after falling 2.20% the week prior, and refinancing activities fell 3.80% after rising 3.40% the week prior. There are no other economic releases on deck today, but there is a scheduled Fed Speak at 12:30 PM (PT), in which San Francisco Fed President Williams will speak on the monetary policy in Las Vegas.
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Yesterday treasuries rallied as the market was presented with some disappointing data from the U.S. mobile industry. Sales at General Motors dropped 15.00% in July which was the largest drop in over a year, while other automakers showed similar trends. Treasuries opened up lower this morning ahead of the release of ADP's report on private sector payrolls, which rose 12k below expectations at 178k versus 190k per consensus. The June private sector data was upwardly revised from 158k to 191k.
We also received the MBA Mortgage Applications for the week ending on July 28th which fell 2.80% after increasing by 0.40% in activities the week prior. Purchase applications dropped 2.00% after falling 2.20% the week prior, and refinancing activities fell 3.80% after rising 3.40% the week prior. There are no other economic releases on deck today, but there is a scheduled Fed Speak at 12:30 PM (PT), in which San Francisco Fed President Williams will speak on the monetary policy in Las Vegas.
The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.