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 St. Louis Fed President Bullard delivered some dovish comments stating that he does not see a need for further rate hikes this year. His comments carried over this morning as it caused the dollar to slip for a second straight day to start the week, while gold rose and treasury yields remained steady. Despite the dovish comments on the current state of the economy, the market remains focused on Friday's U.S. inflation data, which may support further monetary tightening this year.
Today is another quiet economic calendar week which kicked off with the NFIB Small Business Optimism for July, coming in above expectations at 105.20 versus 103.50 per consensus, as the index showed an unexpected bounce in business confidence. We also received the JOLTS Job Openings from June, which rose to 6.163 Million from an upwardly revised 5.702 Million in May. Later today at 10:00 AM (PT), Treasury will auction off $24 Billion of 3-Year notes.
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Yesterday St. Louis Fed President Bullard delivered some dovish comments stating that he does not see a need for further rate hikes this year. His comments carried over this morning as it caused the dollar to slip for a second straight day to start the week, while gold rose and treasury yields remained steady. Despite the dovish comments on the current state of the economy, the market remains focused on Friday's U.S. inflation data, which may support further monetary tightening this year.
Today is another quiet economic calendar week which kicked off with the NFIB Small Business Optimism for July, coming in above expectations at 105.20 versus 103.50 per consensus, as the index showed an unexpected bounce in business confidence. We also received the JOLTS Job Openings from June, which rose to 6.163 Million from an upwardly revised 5.702 Million in May. Later today at 10:00 AM (PT), Treasury will auction off $24 Billion of 3-Year notes.
The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.