Treasuriesare nearly unchanged across the curve this morning from yesterday's close. The UST10-Year yield is currently at 2.435% after closing at 2.433% prior.
This morning the European Central Bank announced that it was leaving its key interest rates unchanged. Moreover, the ECB met market expectations for reducing its bond purchase program after ECB President Mario Draghi provided details on the central bank's plan to reduce stimulus beginning on January 2018. Despite the details of ECB's announcements meeting expectations, the market reacted dovishly.
In economic news, we received the Initial Jobless Claims for the week ending on October 21st which rose 10k to 233k from an upwardly revised 223k the week prior. Continuing Claims for the week ending on October 14th fell 3k to 1893k from an upwardly revised 1896k the week prior. We also received the Wholesale Inventories for September which rose 0.30% following a downwardly revised 0.80% increase in August. Retail Inventories for September fell 1.00% following a downwardly revised 0.60% increase prior. The September Pending Home Sales came in weaker than expected, unchanged MoM, versus a 0.50% increase per consensus; Pending Home SalesYoY is down 5.40%.
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This morning the European Central Bank announced that it was leaving its key interest rates unchanged. Moreover, the ECB met market expectations for reducing its bond purchase program after ECB President Mario Draghi provided details on the central bank's plan to reduce stimulus beginning on January 2018. Despite the details of ECB's announcements meeting expectations, the market reacted dovishly.
In economic news, we received the Initial Jobless Claims for the week ending on October 21st which rose 10k to 233k from an upwardly revised 223k the week prior. Continuing Claims for the week ending on October 14th fell 3k to 1893k from an upwardly revised 1896k the week prior. We also received the Wholesale Inventories for September which rose 0.30% following a downwardly revised 0.80% increase in August. Retail Inventories for September fell 1.00% following a downwardly revised 0.60% increase prior. The September Pending Home Sales came in weaker than expected, unchanged MoM, versus a 0.50% increase per consensus; Pending Home Sales YoY is down 5.40%.
The curve has bear-flattened with the UST 10-Year up 0.2 bp from prior closing.