US Treasuries were thinly traded in the overnight session and only reached 60% of the average volume based on the last 30 days. The economic calendar remains sparse with the MBA mortgage applications index up +2.9% w/w as the average 30-year fixed rate declined to 6.45%. Pending home sales are expected to be released later this morning. Tomorrow, the spotlight will shift towards the 3rd read on US GDP, initial jobless claims, and a roster of Federal Reserve speakers. Peter Kazimir, a governor of the European Central Bank, already set the tone for additional rate hikes in the Eurozone, albeit at a slower pace.
Chris Eckhoff
Director, Investment Management Group
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