Treasuries are slightly lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.148% after closing at 2.130% prior.
Treasuries yields inched higher overnight as North Korea tensions quickly vanished following Monday's missile launch that triggered a rally in treasuries. The dollar rose and treasuries fell at open after a stronger than expected private payroll growth for August was released. The ADP Employment Change rose 237k versus an expected 185k rise per consensus, which followed an upwardly revised 201k increase from 178k private payroll growth in July.
U.S. second-quarter growth was revised higher from 2.60% QoQ to its fastest pace in two years at 3.00% annualized. The upward revision came from a stronger household spending as Personal Consumption was revised to 3.30% versus 2.80% prior. GDP Price Index was unchanged at 1.00% and Core PCE QoQ also remained unrevised at 0.90%. We also received the MBA Mortgage Applications for the week ending on August 25th which fell 2.30% following a 0.50% drop the week prior. Purchase applications fell 2.70% after dropping 1.50% prior, and refinancing activities fell 2.00% after rising 0.30% prior.
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Treasuries yields inched higher overnight as North Korea tensions quickly vanished following Monday's missile launch that triggered a rally in treasuries. The dollar rose and treasuries fell at open after a stronger than expected private payroll growth for August was released. The ADP Employment Change rose 237k versus an expected 185k rise per consensus, which followed an upwardly revised 201k increase from 178k private payroll growth in July.
U.S. second-quarter growth was revised higher from 2.60% QoQ to its fastest pace in two years at 3.00% annualized. The upward revision came from a stronger household spending as Personal Consumption was revised to 3.30% versus 2.80% prior. GDP Price Index was unchanged at 1.00% and Core PCE QoQ also remained unrevised at 0.90%. We also received the MBA Mortgage Applications for the week ending on August 25th which fell 2.30% following a 0.50% drop the week prior. Purchase applications fell 2.70% after dropping 1.50% prior, and refinancing activities fell 2.00% after rising 0.30% prior.
The curve has bear-flattened with the UST 10-Year up 1.8 bps from prior closing.