Treasuries are slightly lower across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 3.099% after closing at 3.090% prior.
Treasuriesresumed its downward trend overnight while U.S. stocks rebounded as investors continued to overlook trade and political concerns and regained the appetite for risk. Oil prices moved higher early into today’s session while the dollar edged lower as the 10-Year yield wavered around the 3.10% mark. The attention shifts on the Federal Reserve as the central bank’s two-day meeting begins today. Investors expect the third rate hike of 2018 to be announced by the Fed tomorrow, so the focus will primarily be on the dot plot and future projections. Later today at 10:00 AM (PT), the U.S. will sell $38 Billion 5-Year Notes.
On the economic calendar, we received the July FHFA House Price Index which rose 0.20% MoM following an upwardly revised 0.30% increase prior. We also received the July Case-Schiller Home Composite Price Index which increased 0.09% MoM for a 5.92% rise YoY. Its previous mark was revised higher from 0.11% to 0.16% which brought up its YoY level from 6.31% to 6.36%. Moreover, we received the September Richmond Fed Manufacturing Index which unexpectedly rose to 29.00 from 24.00 prior while consensus called for a drop back down to 20.00 MoM. Lastly, the Conference Board Consumer Confidence for the month of September rose to 138.40 from an upwardly revised 134.70 prior; consensus called for a slight drop of the index to 132.10.
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Treasuries resumed its downward trend overnight while U.S. stocks rebounded as investors continued to overlook trade and political concerns and regained the appetite for risk. Oil prices moved higher early into today’s session while the dollar edged lower as the 10-Year yield wavered around the 3.10% mark. The attention shifts on the Federal Reserve as the central bank’s two-day meeting begins today. Investors expect the third rate hike of 2018 to be announced by the Fed tomorrow, so the focus will primarily be on the dot plot and future projections. Later today at 10:00 AM (PT), the U.S. will sell $38 Billion 5-Year Notes.
On the economic calendar, we received the July FHFA House Price Index which rose 0.20% MoM following an upwardly revised 0.30% increase prior. We also received the July Case-Schiller Home Composite Price Index which increased 0.09% MoM for a 5.92% rise YoY. Its previous mark was revised higher from 0.11% to 0.16% which brought up its YoY level from 6.31% to 6.36%. Moreover, we received the September Richmond Fed Manufacturing Index which unexpectedly rose to 29.00 from 24.00 prior while consensus called for a drop back down to 20.00 MoM. Lastly, the Conference Board Consumer Confidence for the month of September rose to 138.40 from an upwardly revised 134.70 prior; consensus called for a slight drop of the index to 132.10.
The curve has bear-flattened with the UST 10-Year yield up 0.9 bp from prior closing.