Treasuries are slightly lower across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.234% after closing at 2.221% prior.
Yesterday the marketrallied when North Korea's Foreign Minister stated that President Trump declared war by saying that the regime “won't be around much longer”. This morning treasury yields inched higher as investors shift their attention on Fed speakers including Fed Chairwoman Yellen who will discuss Inflation, Uncertainty and Monetary Policy. Also on deck today are Fed Mester who will speak on the Global Outlook, and Fed Brainard who will speak on labor market disparities at 6:30 AM (PT) and 7:30 AM (PT) respectively.
In economic news, we received the Case-Shiller Index for July which rose above expectations at 0.35% versus 0.20% per consensus as home prices in 20 cities rose more than forecasted. We also received the New Home Sales report for August which fell 20k to 560k from an upwardly revised 580k in July. New Home Sales MoM continues its downwardly trend as it fell 3.40% in August following a revised 5.50% drop in July. Later today at 10:00 AM (PT), Treasury will auction $26 billion 2-Year Notes.
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Yesterday the market rallied when North Korea's Foreign Minister stated that President Trump declared war by saying that the regime “won't be around much longer”. This morning treasury yields inched higher as investors shift their attention on Fed speakers including Fed Chairwoman Yellen who will discuss Inflation, Uncertainty and Monetary Policy. Also on deck today are Fed Mester who will speak on the Global Outlook, and Fed Brainard who will speak on labor market disparities at 6:30 AM (PT) and 7:30 AM (PT) respectively.
In economic news, we received the Case-Shiller Index for July which rose above expectations at 0.35% versus 0.20% per consensus as home prices in 20 cities rose more than forecasted. We also received the New Home Sales report for August which fell 20k to 560k from an upwardly revised 580k in July. New Home Sales MoM continues its downwardly trend as it fell 3.40% in August following a revised 5.50% drop in July. Later today at 10:00 AM (PT), Treasury will auction $26 billion 2-Year Notes.
The curve has bear-flattened with the UST 10-Year up 1.3 bps from prior closing.