Treasuries are lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.167% after closing at 2.131% prior.
Treasuries extended losses overnight as investors fled to riskier assets after Hurricane Irma appeared to not be as catastrophic as expected, and military action lacked from North Korea over the weekend. Earlier predictions gauged Hurricane Irma's damage to exceed $200 Billion, but that estimation has been brought down to about $50 Billion since. With another quiet economic calendar day, investors will continue to assess the impact of natural disasters on U.S. growth.
This morning we received the NFIB Small Business Optimism Index for August, which climbed to 105.30 following a 105.20 rise in July. Consensus expected the index to drop to 104.80, but the index rose for the second time this year. There will not be any Fed Speak this week ahead of next week's September FOMC meeting. Later at 10:00 AM (PT), Treasury will auction $20 Billion 10-Year Notes Reopening.
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Treasuries extended losses overnight as investors fled to riskier assets after Hurricane Irma appeared to not be as catastrophic as expected, and military action lacked from North Korea over the weekend. Earlier predictions gauged Hurricane Irma's damage to exceed $200 Billion, but that estimation has been brought down to about $50 Billion since. With another quiet economic calendar day, investors will continue to assess the impact of natural disasters on U.S. growth.
This morning we received the NFIB Small Business Optimism Index for August, which climbed to 105.30 following a 105.20 rise in July. Consensus expected the index to drop to 104.80, but the index rose for the second time this year. There will not be any Fed Speak this week ahead of next week's September FOMC meeting. Later at 10:00 AM (PT), Treasury will auction $20 Billion 10-Year Notes Reopening.
The curve has bear-steepened with the UST 10-Year up 3.6 bps from prior closing.