Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.449% after closing at 2.477% prior.
This week’s quiet economic calendar week continued with the release of the U.S. Consumer Confidence for December this morning which fell to 122.10 from a downwardly revised 128.60 reading prior. Consensus called for a December reading of 128.00, so the index came in well below expectations. We also received the Pending Home Sales report for November which rose 0.20% MoM after rising 3.50% prior. Pending Home SalesYoY is now at 0.60% versus 1.20% prior.
Later today at 8:30 AM (PT), U.S. will sell $13 Billion 2-Year Floating Rate Notes. Then at 10:00 AM (PT), Treasury will auction $34 Billion new 5-Year Notes. This year’s economic calendar will conclude with Thursday’sWholesale and Retail Inventories for November and the Chicago Purchasing Manager print for December. There will be no economic data released on Friday heading into the New Year.
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This week’s quiet economic calendar week continued with the release of the U.S. Consumer Confidence for December this morning which fell to 122.10 from a downwardly revised 128.60 reading prior. Consensus called for a December reading of 128.00, so the index came in well below expectations. We also received the Pending Home Sales report for November which rose 0.20% MoM after rising 3.50% prior. Pending Home Sales YoY is now at 0.60% versus 1.20% prior.
Later today at 8:30 AM (PT), U.S. will sell $13 Billion 2-Year Floating Rate Notes. Then at 10:00 AM (PT), Treasury will auction $34 Billion new 5-Year Notes. This year’s economic calendar will conclude with Thursday’s Wholesale and Retail Inventories for November and the Chicago Purchasing Manager print for December. There will be no economic data released on Friday heading into the New Year.
The curve has bull-flattened with the UST 10-Year yield down 2.8 bps from prior closing.