U.S. Treasuries opened weaker this morning, as investors seem torn between the debt crisis in Europe, the stalled budget/debt ceiling talks in the U.S., and economic reports. Jobless claims remained above 400,000 for the 14th week but dropped from 427,000 to 405,000. Retail sales rose 0.1% in June, beating expectations that they would be unchanged.
Producer prices dropped more than expected for the month of June at the headline level, however, ex food and energy prices rose 0.3% month over month, slightly above expectations for 0.2% growth. The drop in the headline number was driven mainly by the drop in energy prices.
After improving Wednesday afternoon, mortgage prices are worse by .125% to .25%.
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