By Dave Kansas
U.S. Treasurys are trading higher in London, a rare respite from the recent sell-off. In theory, Treasurys are benefiting from the decision by Moody’s to put Spain’s credit rating under review.
But if that’s the case, the rally may be short lived. Spain credit insurance costs are little changed and the euro is off modestly against the dollar. As market data firm Markit says in a morning note: “Spain has been trading with an inferior market-implied rating for some time.”
The 10-year Treasury bond yield is 3.409% and the 2-year Treasury note yield is at 0.63%.
Coming up in the U.S. today on the economic front:
- Consumer Price Index for November at 8:30 a.m. EST.
- Empire State (NY) regional manufacturing December survey at 8:30 a.m. EST.
- Industrial Production and Capacity Utilization readings for November at 9:15 a.m. EST.
- Mortgage Applications data at 7 a.m. EST.
- NAHB Housing Market Survey at 10 a.m. EST.
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