Later this morning, Markit U.S. will announce its April PMIs for Manufacturing and Services and both measure are expected to show improvement. The Census Bureau is then expected to report that New Home Sales might have risen 14% in March. For now though, markets are drifting without a lot of direction as investors process the new tax-increase proposal from the Administration.
Treasury prices are slightly lower in early trading, but yields are little changed. The Long Bond is sitting at 2.23% with the Ten-Year resting at 1.55%. The Two-Year is still 15 basis points. Crude oil is up slightly to $61.67 while gold’s modest rally has taken that price to $1,793. Equity futures are mixed.