The Census Bureau just reported that, in March, Housing Starts rose a whopping 19.4 and that soundly beat estimates calling for 13.5%. It also reversed February’s revised 11.3% drop. Building Permits also outperformed expectations with a March gain of 2.7% versus estimates of only 1.7%. February’s 10.8% drop was revised to just an 8.8% decline. A little later, the University of Michigan will report April’s Consumer Sentiment Index.
Meanwhile, Treasury prices have reversed most of their early morning gains and are pretty flat for the day. The Long Bond is yielding around 2.27% with the Ten-Year at 1.57%. The Two-Year is steady at 16 basis points. Crude oil is unchanged at $63.47 while gold’s $20 rally has taken that price to $1,783. Equity futures are stuck on green.