On Friday the Leading Indicators rose to, a lower than expected, +0.3% for June. The Index posted gains led by the yield spread, which reflects the Fed's stimulative monetary policy, and the credit component which shows an increase in lending. Last week on Thursday a Malaysia Airlines passenger plane was shot down over eastern Ukraine killing 295 people and Israel began a ground invasion of Gaza leading to a flight to quality for US Treasuries and this morning they test resistance levels at 2.474. With no events on the calendar for today we watch the market for further reactions to these global events, and the curve has bull flattened with 2s10s down -2.7 bps.
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