Treasuriesare slightly higher across the curve this morning from prior close. The UST10-Year yield is currently at 2.354% after closing at 2.360% prior.
This week's calendar kicked off quietly given the shortened week with only the September NFIB Small Business Optimism print this morning, which came in below expectations at 103.00 versus 105.00 per consensus. The 10-month low was significantly impacted by Hurricanes Irma and Harvey as small business optimism fell to its lowest level since late 2016. In Fedspeak, FedKashkari will speak at Regional Economic Conference this morning at 7:00 AM (PT), and FedKaplan will speak at Stanford Institute this evening at 5:00 PM (PT). Then at 10:00 AM (PT), U.S. will sell $35 Billion 4-week Bills and $20 Billion 52-week Bills.
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This week's calendar kicked off quietly given the shortened week with only the September NFIB Small Business Optimism print this morning, which came in below expectations at 103.00 versus 105.00 per consensus. The 10-month low was significantly impacted by Hurricanes Irma and Harvey as small business optimism fell to its lowest level since late 2016. In Fedspeak, Fed Kashkari will speak at Regional Economic Conference this morning at 7:00 AM (PT), and Fed Kaplan will speak at Stanford Institute this evening at 5:00 PM (PT). Then at 10:00 AM (PT), U.S. will sell $35 Billion 4-week Bills and $20 Billion 52-week Bills.
The remainder of this week's economic calendar will consist of Wednesday's JOLTS Job Openings for August and the release of the FOMC Meeting Minutes from the Fed's most recent meeting in September. Thursday we will receive the Producer Price Index Final Demand for September and the Monthly Budget Statement for September. Then on Friday, we will receive the CPI data for September, Retail Sales Advance for September, and the University of Michigan Sentiment for October.
The curve has bull-flattened with the UST 10-Year down 0.6 bp from prior closing.