Initial Jobless Claims fell to 280K vs. 316K prior (revised) and Continuing Claims fell to 2429K vs. 2492K prior (revised). Housing Starts fell to 956K vs. 1117K prior (revised), down -14.4% MoM. Building Permits fell to 998K vs. 1057K prior (revised), down -5.6% MoM. The Philadelphia Fed is expected to decline to 23 for September, following a reading of 28 in August. Yesterday the Federal Reserve released updates to their economic projections and rate decisions; they dialed back asset purchases by the expected $10 Billion and left the Fed Funds rate at a quarter. The Fed maintained their position that considerable monetary policy would be necessary for quite some time post-QE and recognized the continued slack in both the labor markets and inflation. Treasuries are opening lower today, and the curve has bear flattened with 2s10s down -0.6 bps.
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