Treasuries are modestly lower across the curve this morning from yesterday's close.? The UST10-Year yield is currently at 2.276% after closing at 2.219% prior.
Yesterday yields inched higher as geopolitical tensions between North Korea and U.S. weakened, and that momentum carried overnight as treasuries continued to fall. Treasuries fell lower this morning upon the release of a strong July Retail Sales print, which came in above expectations rising 0.60% versus a 0.30% increase per consensus. Revisions were also made for the June sales data from a decline of 0.20% to an increase of 0.30%. Excluding autos, retail sales rose 0.50% MoM from an upwardly revised 0.10% gain in June. Excluding auto and gas, retail sales rose 0.50% from an upwardly revised 0.30% rise in June.
July Import Price Index rose in line with expectations at 0.10% following an unrevised 0.20% decrease in June. Import prices are up 1.50% YoY which was unchanged from last month. Export Price Index rose 0.40% in July after an unrevised decline of 0.20% in June. The Empire Manufacturing print for August came in well above expectations at 25.20 versus 10.00 per consensus as business activity grew strongly in New York State. Later today at 1:00 PM (PT), we will receive the TICS data for June.
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Yesterday yields inched higher as geopolitical tensions between North Korea and U.S. weakened, and that momentum carried overnight as treasuries continued to fall. Treasuries fell lower this morning upon the release of a strong July Retail Sales print, which came in above expectations rising 0.60% versus a 0.30% increase per consensus. Revisions were also made for the June sales data from a decline of 0.20% to an increase of 0.30%. Excluding autos, retail sales rose 0.50% MoM from an upwardly revised 0.10% gain in June. Excluding auto and gas, retail sales rose 0.50% from an upwardly revised 0.30% rise in June.
July Import Price Index rose in line with expectations at 0.10% following an unrevised 0.20% decrease in June. Import prices are up 1.50% YoY which was unchanged from last month. Export Price Index rose 0.40% in July after an unrevised decline of 0.20% in June. The Empire Manufacturing print for August came in well above expectations at 25.20 versus 10.00 per consensus as business activity grew strongly in New York State. Later today at 1:00 PM (PT), we will receive the TICS data for June.
The curve has bear-steepened with the UST 10-Year up 5.7 bps from prior closing.