Treasury Market Outlook: bond extended gains
Treasury Market Outlook: bond extended gains following surprise declines in U.K. CPI and German ZEW consumer confidence. Gilts are leading the drop in yields, down 5 bps to 1.20%. Bund and Treasury yields are nearly 2 bps lower at 0.56% and 2.289%, respectively. Stocks are mostly lower, though the FTSE has reversed course and has edged higher as the pound has fallen. Wall Street remains anxious over Senate healthcare reform where it looks as though there aren't enough votes. WTI crude oil has rallied to $46.45. Today's U.S. session will center on earnings with several core companies reporting. Data includes June trade prices, the July NAHB housing market index, and weekly chain store sales, along with May Treasury TIC flows. There is no Fedspeak scheduled and it will go dark ahead of the July 25, 26 FOMC meeting.