January 15, 2015 |
|Treasuries gained for the 13th time in 14 days. The complex held small gains into the cash open and raced to its best levels of the day as retail sales (-0.9% actual v. +0.1% expected) and retail sales ex-auto (-1.0% actual v. +0.1% expected) both missed estimates by a wide margin.Business inventories (0.2% actual v. 0.3% expected), export prices ex-ag (-1.2%), and import prices ex-oil (-0.1%) also posted uninspiring results. Yields would bottom as the data was digested and spend the remainder of the session in a steady climb higher. |
Up front, the 2Y fell -5.2bps to 0.485%. Support at the level dates back to Halloween. In the belly, the 5Y eased -5.6bps to 1.303%. The yield finished on the 50 mma while posting its lowest close since October 2013. The 10Y ended -5.3bps @ 1.837%. The benchmark yield broke below the October 15 panic low and settled at levels last seen in May 2013. Buying at the long end pressured the 30Y lower by -3.1bps to 2.451%. The yield on the long bond broke below 2.400% early and managed to close at a record low. Little change along the curve saw the 2-10-yr spread hold near 135bps. Precious metals lost ground with gold slipping -$2 to $1232 and silver sliding -$0.19 to $16.97. Data: Initial and continuing claims, PPI, Empire Manufacturing (8:30) and Philly Fed (10).
|Повна назва організації||The United States of America|