Treasuries are slightly higher across the curve this morning from Friday's close. The UST10-Year yield is currently at 2.938% after closing at 2.941% prior.
Treasuries held steady overnight while investors shifted the focus back on the trade rhetoric between the U.S. and China. President Trump stated that tariffs on $200 Billion more Chinese goods would take place soon, which could be followed by tariff imposition on another $267 Billion worth of Chinese imports. A busy economic calendar week includes several Fedspeak beginning with Atlanta Fed President Bostic who will discuss the economic outlook later this morning at 9:00 AM (PT). St. Louis Fed President Bullard, Fed Governor Brainard, Fed official Quarles, Chicago Fed President Evans, and Boston Fed President Rosengren are also scheduled to speak throughout the week. There are also three scheduled auctions this week starting with Tuesday's $35 Billion 3-Year Notes, followed by Wednesday's $23 Billion 10-Year Notes, and concluding with Thursday's $15 Billion 30-Year Notes.
On economic reports, the week kicks off with the July Consumer Credit which will be available later today at 12:00 PM (PT) and is expected to show a $14.000 Billion increase in credit following a $10.211 Billion increase prior. Tomorrow we will receive the August NFIB Small Business Optimism, July Wholesale Trade Sales, and the final print of the July Wholesale Inventories. On Wednesday, we will have the August PPI reports along with the release of the Fed's latest Beige Book. Then on Thursday, we will receive the August CPI prints, the August Real Average Weekly and Hourly Earnings YoY, and the Monthly Budget Statement for August. Lastly, the August Retail Sales and the August Import and Export Price Indexes will be available on Friday.
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Treasuries held steady overnight while investors shifted the focus back on the trade rhetoric between the U.S. and China. President Trump stated that tariffs on $200 Billion more Chinese goods would take place soon, which could be followed by tariff imposition on another $267 Billion worth of Chinese imports. A busy economic calendar week includes several Fedspeak beginning with Atlanta Fed President Bostic who will discuss the economic outlook later this morning at 9:00 AM (PT). St. Louis Fed President Bullard, Fed Governor Brainard, Fed official Quarles, Chicago Fed President Evans, and Boston Fed President Rosengren are also scheduled to speak throughout the week. There are also three scheduled auctions this week starting with Tuesday's $35 Billion 3-Year Notes, followed by Wednesday's $23 Billion 10-Year Notes, and concluding with Thursday's $15 Billion 30-Year Notes.
On economic reports, the week kicks off with the July Consumer Credit which will be available later today at 12:00 PM (PT) and is expected to show a $14.000 Billion increase in credit following a $10.211 Billion increase prior. Tomorrow we will receive the August NFIB Small Business Optimism, July Wholesale Trade Sales, and the final print of the July Wholesale Inventories. On Wednesday, we will have the August PPI reports along with the release of the Fed's latest Beige Book. Then on Thursday, we will receive the August CPI prints, the August Real Average Weekly and Hourly Earnings YoY, and the Monthly Budget Statement for August. Lastly, the August Retail Sales and the August Import and Export Price Indexes will be available on Friday.
The curve has bull-flattened with the UST 10-Year yield down 0.3 bp from prior closing.