We have another quiet day for the economic data calendar ahead of today’s $27 Billion 3-Year notes auction and tomorrow’s $24 Billion 10-Year notesauction. The recently improved outlook for the economy and expansion plans led to a +0.7 gain in the small business optimism index which rose to 95.7 vs. 95 prior (consensus 96). The 10-Year average for the July Budget Deficit is -$93.7 Billion, and this year expectations are for -$96 Billion. Treasuries jumped last week as unrest in Ukraine, Gaza and Iraq boosted demand and we continue to monitor the market for a further flight to quality. Treasuries are little changed today and the curve has modestly bull steepened with 2s10s up 1.6 bps.
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