The UST10-Year yield is at 2.322% this morning after closing at 2.316% yesterday.
After a brief rally in the early morning caused by the expectation that OPEC and Russia will announce a freeze in oil production, the market began to slip after better-than-expected economic data released at 7:00 AM (PT).
Existing Home Sales far exceeded expectations, coming in at 5.60 Million, the highest level since February 2012. The Richmond Fed’s Manufacturing Survey for November, covering the overall business activity for the mid-Atlantic region also came in higher than economist previously forecasted, at 4.00 vs. -4.00 in October. The Fed is scheduled to buy $2.50 Billion in conventional mortgages and $1.30 Billion in GN II mortgages. Treasuries will auction off $34.00 Billion in 5-year notes this morning and another $28.00 Billion in 7-year notes this Wednesday.
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After a brief rally in the early morning caused by the expectation that OPEC and Russia will announce a freeze in oil production, the market began to slip after better-than-expected economic data released at 7:00 AM (PT).
Existing Home Sales far exceeded expectations, coming in at 5.60 Million, the highest level since February 2012. The Richmond Fed’s Manufacturing Survey for November, covering the overall business activity for the mid-Atlantic region also came in higher than economist previously forecasted, at 4.00 vs. -4.00 in October. The Fed is scheduled to buy $2.50 Billion in conventional mortgages and $1.30 Billion in GN II mortgages. Treasuries will auction off $34.00 Billion in 5-year notes this morning and another $28.00 Billion in 7-year notes this Wednesday.
The curve has bear-flattened with the UST 10-Year 0.06 bp up from prior closing.