Treasury Swoon Resumes

After staging a bit of a comeback on Friday, the Treasury market is greeting the new week with lower prices and higher yields. In early trading, the Long Bond has lost about 1 1/2 points pushing its yield up to around 2.22% while the Ten-Year’s smaller slide has moved its yield up to 1.45%. The Two-Year is little changed at 13 basis points. Crude oil is up less-than-a-dollar to $62.24 while gold is up slightly to $1,738. DJIA futures are flashing triple-digit green.

A little later this morning, Markit U.S. is expected to report that its Manufacturing PMI was unchanged in February at 58.5 and the Census Bureau should be reporting that Construction Spending rose another 0.7% in January after December’s boost of 1%. The Institute of Supply Management will also be releasing its Manufacturing PMI for last month and a dip of one-tenth to 58.6 is expected. Friday is Jobs Day.