Housing starts for October rose 1.5% month-over-month to an annual pace of 1,228,000 units, in line with the Bloomberg forecast. September starts were revised higher to an annual pace of 1,210,000. Building permits, one of the leading indicators tracked by the Conference Board as it is a gauge of future construction, decreased 0.6% month over month to an annual rate of 1,263,000, versus expectations of a 1,260,000 pace, and compared to September’s upwardly-revised 1,270,000 rate. Single-family home starts, sometimes referred to as the backbone of housing demand, continued to decline.
Treasuries are mostly higher, with the yield on the 2-year note little changed at 2.79%, while the yields on the 10-year note and 30-year bond are declining 2 basis points (bps) to 3.05% and 3.30%, respectively
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