Today’s session opened with Treasuries lower than Friday. The yield on the UST10-Year is currently at 2.366% after closing at 2.354% during the prior session.
Equitymarketsrallied and treasuries dropped amid news late Friday that key Republican Senators would again support the tax reform bill, thus nearly sealing the needed majority to approve the legislation by mid-week and have the President sign it before Christmas. Agreement on some of the major roadblocks on the bill and the legislation’s current timeline appear to position the Republican majority in Washington on the brink of a political victory before the year comes to an end.
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Equity markets rallied and treasuries dropped amid news late Friday that key Republican Senators would again support the tax reform bill, thus nearly sealing the needed majority to approve the legislation by mid-week and have the President sign it before Christmas. Agreement on some of the major roadblocks on the bill and the legislation’s current timeline appear to position the Republican majority in Washington on the brink of a political victory before the year comes to an end.
The economic calendar for the week features the Home Builders Market Index today. The Index reflected an increase to 74.00 for December, rising above a survey of 70.00 and a mark of 69.00 revised prior, while hitting an 18-Year high. The calendar continues tomorrow with Housing Starts and Building Permits, Mortgage Applications and Home Sales on Wednesday, GDP and Jobs Reports on Thursday, and Inflation, Income and Personal Spending on Friday.
The curve has bear-steepened with the UST 10-Year yield up 1.2 bps from prior closing.