Treasury Closing Summary: Treasury Closing Summary: Yields backed up another notch at the long-end and remained elevated into the middle leg of supply in the 10-year, while the stock market first churned lower, then rebounded with a UBS upgrade on Twitter providing the catalyst. The bond market remained very wary of any alteration of FOMC policy guidance next week that could be construed as bringing forward a rate hike. Meanwhile, MBA mortgage stats were quite weak and wholesale trade data not particularly compelling.
Crude Inventories for the week of September 5 Crude oil inventories 972K draw vs. consensus of 1.5M draw. Gasoline inventories 2.38M build vs. consensus of flat. Distillates 4.1M build vs. consensus of 1.0M build.
U.S. Wholesale Trade Preview U.S. Wholesale Trade Preview: July wholesale trade data may reveal a 1.0% (median 0.6%) gain for sales following a 0.2% increase in June. Inventories are expected to be up 0.6% following a 0.3% increase in June. Data in line with this forecast would leave the I/S ratio holding steady for a third month at 1.17.