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US Trade Deficit Widest in 17 Months
07/13/2010
The US trade deficit gapped to the widest level in 17 months due to higher than expected imports. The Treasury is scheduled to auction $21B in 10yr notes today and $13B of 30yr bonds tomorrow. Right now, the futures market is pricing in a 77% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 3.099% (3.04% yesterday) and the 2-10 yield spread is at 242bps, steepening 2bps since yesterday morning.
