T-Bronx5Y-10Y-Bund .. la notte dei morti viventi (vm18)

... ecchime ... uè, ma non posso lasciarvi soli 5 minuti che m i riempite il tread di cassate ! c :D :D :D :D :D :prr: :prr:


... veniamo ad argomenti più seri ... inauguriamo il nuovo tread !!!!!!!!!!!!!!


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U.S. Treasuries slip after strong NY manufacturing data
Wed Nov 15, 2006

By Zubin Jelveh

NEW YORK, Nov 15 (Reuters) - U.S. government bond prices slipped on Wednesday after a surprisingly strong report on manufacturing activity in New York state in November.

Treasury prices moved into negative territory after the New York Federal Reserve Bank said its "Empire State" manufacturing activity index rose in November to 26.66 from 22.92 in October, going in the opposite direction of analysts' forecasts of a drop to 15.10.


"Expectations had been that this report would moderate and that would put it more in line with the cooling in manufacturing nationally, but it didn't," said Josh Stiles, bond strategist with IDEAglobal in New York.

The New York Fed survey, however, is not considered a very accurate forecaster for the Institute for Supply Management's manufacturing index, the bellwether indicator for manufacturing activity in the United States.

"Treasuries are using this as an excuse to sell off ahead of tomorrow's CPI (consumer prices) number," Stiles added. The 10-year note <US10YT> was down 8/32 in price to yield 4.60 percent compared with 4.57 percent on Tuesday.

Bond prices and yields move inversely.
The 2-year note <US2YT> slipped 2/32 in price to yield 4.78 percent compared with 4.74 percent late on Tuesday.

Treasury prices had been mostly unchanged before the data as investors took profits on the previous session's data-induced rally ahead of Wednesday's release of the Federal Reserve's minutes of its latest policy meeting.

Softer producer prices and retail sales data released on Tuesday supported the view the Fed may cut rates early next year, causing the Treasury market to rally.

The Fed releases the minutes of its Oct. 24-25 meeting at 2 p.m. (1900 GMT). While some dealers say these may seem outdated since they will not reflect the weakness of the recent data, the release will still be the main focus of the session.


"With only 2 sentences changed from September's statement and the policy rate unchanged, we look to the release for any spin on the ongoing debate within" the Federal Open Market Committee, said David Ader, Treasury market strategist at RBS Greenwich Capital.

The previous two Fed statements have shown that some members of the policy-making committee are concerned that the market has not completely priced in the risk of higher inflation in the U.S. economy, Ader said.

Also on Wednesday, data from an industry group showed that applications for U.S. home mortgages rose last week to their highest level since January as falling interest rates encouraged more loan refinancing.
The yield curve remained deeply inverted ahead of the Fed's minutes as some expect the U.S. central bank to keep a hawkish tone in its policy discussions just to reflect the central bank's basic stance of keeping inflation under control.

The curve inverts when two-year bond yields rise above those on 10-year notes. The spread between them was around its widest inversion in six years at 18 basis points on Wednesday.

The 5-year note <US5YT> was down 5/32 in price to yield 4.60 percent compared with 4.56 percent late on Tuesday. The 30-year bond <US30YT> slipped 14/32 in price to yield 4.69 percent compared with 4.66 percent on Tuesday.
 

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