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Treasury Prices Unchanged
08/01/2011
Treasury prices are mostly unchanged to open the first trading day of August. This is quite surprising given yesterday’s news that a debt ceiling deal has finally been reached. Investors are either waiting for more details to digest or they are giving an early indication of their view of Friday’s employment report. This week’s economic calendar is fairly busy leading up to Friday’s payroll report. Key reports include today’s ISM manufacturing index, tomorrow’s vehicle sales and personal income and spending reports and Wednesday’s factory orders and ADP employment report. Currently, the 10yr yield is at 2.803% (2.880% Friday) and the 2-10 yield spread is at 245bps, flatter by 14bps since Friday morning.
