Today’s session opened with Treasuries lower than yesterday. The yield on the UST10-Year is currently at 2.422% after closing at 2.412% during the prior session.
Today we received the preliminary month-over-monthWholesale Inventories report for November, which rose by 0.70%, exceeding estimates for the period of 0.30% and also exceeding its -0.40% prior revised. Also in today, month-over-month Retail Inventories rose during November by 0.10% versus a prior mark of -0.10%. Further, Initial Jobless Claims for the week ended December 23 reached 245k, higher than the expected 240k but in line with its 245k prior; while Continuing Claims for the week ended December 16 reached 1943k, above survey of 1900k and its 1936 prior revised. Finally, the Chicago Purchasing Manager Index rose to 67.60 for December, exceeding a survey of 62.00 and a 63.90 prior.
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Today we received the preliminary month-over-month Wholesale Inventories report for November, which rose by 0.70%, exceeding estimates for the period of 0.30% and also exceeding its -0.40% prior revised. Also in today, month-over-month Retail Inventories rose during November by 0.10% versus a prior mark of -0.10%. Further, Initial Jobless Claims for the week ended December 23 reached 245k, higher than the expected 240k but in line with its 245k prior; while Continuing Claims for the week ended December 16 reached 1943k, above survey of 1900k and its 1936 prior revised. Finally, the Chicago Purchasing Manager Index rose to 67.60 for December, exceeding a survey of 62.00 and a 63.90 prior.
The Treasury Department will auction today $28 Billion of 7-Year notes at 10:00 AM (PT). The economic calendar will continue on Tuesday, January 2nd, 2018.
The curve has bear-steepened with the UST 10-Year yield up 1.0 bp from prior closing.