Treasuries are moderately higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 3.051% after closing at 3.085% prior.
Treasuriesrose overnight on geopolitical turmoil including concerns over Italy’s fiscal position as tensions mounted that Italy’s budget could result in a debt crisis. The latest political developments in Italy regarding budget talks are also beginning to fuel fears of contagion spreading in Europe. Elsewhere, the U.S.-China trade war continues to escalate as the latest North American accord is said to include certain provisions aimed to keep Chinese products out of the region. Along with the new trade deal with Canada and Mexico, President Trump has signed a trade agreement with South Korea, while bilateral economic negotiations have been initiated with Japan in an attempt to clear trade disputes with America’s other trading competitors. The dollar climbed with treasuries overnight, while U.S. stocks were lower at the start of today’s session versus prior.
Today we have a light economic calendar day with only the Wards Total Vehicles Sales for September which is expected to rise to $16.80 Million MoM from $16.60 Million in August. Meanwhile, there are several Fed speeches on deck today beginning with Fed Vice Chairman Quarles who is testifying to Senate Banking Committee regarding the implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Fed Chairman Powell will also speak today at the National Association for Business Economics in Boston to discuss the outlook for employment and inflation. Lastly, Dallas Fed President Kaplan will speak in El Paso in a Q&A setting.
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Treasuries rose overnight on geopolitical turmoil including concerns over Italy’s fiscal position as tensions mounted that Italy’s budget could result in a debt crisis. The latest political developments in Italy regarding budget talks are also beginning to fuel fears of contagion spreading in Europe. Elsewhere, the U.S.-China trade war continues to escalate as the latest North American accord is said to include certain provisions aimed to keep Chinese products out of the region. Along with the new trade deal with Canada and Mexico, President Trump has signed a trade agreement with South Korea, while bilateral economic negotiations have been initiated with Japan in an attempt to clear trade disputes with America’s other trading competitors. The dollar climbed with treasuries overnight, while U.S. stocks were lower at the start of today’s session versus prior.
Today we have a light economic calendar day with only the Wards Total Vehicles Sales for September which is expected to rise to $16.80 Million MoM from $16.60 Million in August. Meanwhile, there are several Fed speeches on deck today beginning with Fed Vice Chairman Quarles who is testifying to Senate Banking Committee regarding the implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Fed Chairman Powell will also speak today at the National Association for Business Economics in Boston to discuss the outlook for employment and inflation. Lastly, Dallas Fed President Kaplan will speak in El Paso in a Q&A setting.
The curve has bull-flattened with the UST 10-Year yield down 3.4 bps from prior closing.