Treasuries are nearly unchanged across the curve this morning from yesterday’s close. The UST10-Year yield is currently unchanged from prior close at 2.896%.
Treasuriesand U.S. stock futures fluctuated between gains and losses following the weaker than expected November employment reports released this morning. The dollar dropped as the data bolstered speculation that the central bank could slow its policy tightening next year. Nonfarm payrolls grew 155k in November, below the projected 198k increase per consensus, following a downwardly revised 237k gain in October. Moreover, average hourly earnings rose 0.20% in November following a downwardly revised 0.10% gain in October, while consensus projected the earnings to increase by 0.30% for the month. The unemployment rate remained unchanged at 3.70%, while the underemployment rate rose to 7.60% from 7.40% in October. Elsewhere, oil prices jumped after OPEC ministers agreed on a larger than expected output cuts after two days of negotiations.
The economic calendar also included the October Wholesale Inventories index which rose 0.80% from 0.70% prior; market consensus called for the data to remain at 0.70%. The October Wholesale Trade Sales fell 0.20% MoM following a downwardly revised 0.10% gain in September. Also on the calendar, we received the preliminary reading of the University of Michigan Sentiment for December which came in slightly higher than expected at 97.50 versus 97.00 per consensus. Its prior mark of 97.50 remained unchanged. Later at 12:00 PM (PT), the Consumer Credit report for the month of October will be available and is expected to increase to $15.000 Billion from $10.923 Billion prior.
The curve has steepened with the UST10-Year yield unchanged from prior closing.
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Treasuries and U.S. stock futures fluctuated between gains and losses following the weaker than expected November employment reports released this morning. The dollar dropped as the data bolstered speculation that the central bank could slow its policy tightening next year. Nonfarm payrolls grew 155k in November, below the projected 198k increase per consensus, following a downwardly revised 237k gain in October. Moreover, average hourly earnings rose 0.20% in November following a downwardly revised 0.10% gain in October, while consensus projected the earnings to increase by 0.30% for the month. The unemployment rate remained unchanged at 3.70%, while the underemployment rate rose to 7.60% from 7.40% in October. Elsewhere, oil prices jumped after OPEC ministers agreed on a larger than expected output cuts after two days of negotiations.
The economic calendar also included the October Wholesale Inventories index which rose 0.80% from 0.70% prior; market consensus called for the data to remain at 0.70%. The October Wholesale Trade Sales fell 0.20% MoM following a downwardly revised 0.10% gain in September. Also on the calendar, we received the preliminary reading of the University of Michigan Sentiment for December which came in slightly higher than expected at 97.50 versus 97.00 per consensus. Its prior mark of 97.50 remained unchanged. Later at 12:00 PM (PT), the Consumer Credit report for the month of October will be available and is expected to increase to $15.000 Billion from $10.923 Billion prior.
The curve has steepened with the UST 10-Year yield unchanged from prior closing.
Have A Fantastic Weekend!