Treasuries are lower across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.386% after closing at 2.373% during the prior session.
The U.S. Trade Deficit increased in October to $48.70 Billion according to data from the Commerce Department. The level marked a nine-month high and came in against market expectations of $47.50 Billion and a revised $44.90 Billion in the prior month. We also received the Markit U.S. Services PMI print for November which registered 54.50 versus a survey of 55.20 and a prior mark of 54.70; Markit U.S. Composite PMI for November registered 54.50 versus a prior mark of 54.60. Lastly, we received the ISM Non-Manufacturing Composite for November which came in at 57.40 versus a survey of 59.00 and a prior mark of 60.10.
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The U.S. Trade Deficit increased in October to $48.70 Billion according to data from the Commerce Department. The level marked a nine-month high and came in against market expectations of $47.50 Billion and a revised $44.90 Billion in the prior month. We also received the Markit U.S. Services PMI print for November which registered 54.50 versus a survey of 55.20 and a prior mark of 54.70; Markit U.S. Composite PMI for November registered 54.50 versus a prior mark of 54.60. Lastly, we received the ISM Non-Manufacturing Composite for November which came in at 57.40 versus a survey of 59.00 and a prior mark of 60.10.
The economic calendar continues tomorrow with the ADP Employment Change for November, Jobless and Continuing Claims on Thursday, and the November employment reports on Friday.
The curve has bear-flattened with the UST 10-Year yield up 1.3 bps from prior closing.