Treasuries Experience Longest Decline Since 1974
The week got off to a slow start with just the
Commerce Department’s report on New Home Sales data for May being released. The
report showed a rise of 4.6%
(report).
Treasuries continued their slide, with the 10-yr T-note falling for the ninth
consecutive day. Bloomberg reported the slide to be the longest since losing
streak since 1974. Fed Funds futures are
currently pricing in an 88% probability of 25 bps and a 12% probability of 50
bps at next week’s FOMC meeting (full
story) — unchanged from Friday’s close.
The US Dollar Index closed lower, with the Dollar posting losing against all the
majors except for the CAD.
Energy prices were mixed. Crude Oil closed at $71.80 after climbing +1.31%,
Unleaded Gas +2.41% and Heating Oil +0.83% also rose. Natural Gas -4.13%
declined.
The softs closed mixed, Cotton +3.56% and Sugar +2.01% were the best performers,
while Orange Juice -4.12% was the worst.
The grains were mixed.
Economic News
May New Home Sales – Up 4.6% (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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