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Token Pull Back Keeps Things Boring
Token Pull Back Keeps Things Boring
Coming into this week, we expected things to be boring and sideways after last week's more directional movement. So far, everything is going according to that plan. In order to maintain a boring, sideways stance today, the bond market needed to do a bit of selling lest the trend remain decidedly directional (it would have been the 6th straight day with lower yields). Intraday volatility was modest at best. Yields were higher at the outset and didn't change much over the course of the day. The 10yr auction had essentially no impact, but that's understandable as it came in fairly close to expectations.
Token Pull Back Keeps Things Boring
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, May 09 | |||||
| 8:30AM | May/04 Jobless claims 4-wk avg (k) | May/04 | 215K | 210K | |
| 8:30AM | May/04 Jobless Claims (k) | May/04 | 231K | 210K | 208K |
| 8:30AM | Apr/27 Continued Claims (ml) | Apr/27 | 1785K | 1790K | 1774K |
| 10:30AM | May/03 Nat gas-EIA, change bcf | May/03 | 79Bcf | 87Bcf | 59Bcf |
| 11:30AM | 4-Week Bill Auction | 5.270% | 5.275% | ||
| 11:30AM | 8-Week Bill Auction | 5.275% | 5.270% | ||
| 12:00PM | May/08 30-Year Mortgage Rate | May/08 | 7.09% | 7.22% | |
| 12:00PM | May/08 15-Year Mortgage Rate | May/08 | 6.38% | 6.47% | |
| 1:00PM | 30-Year Bond Auction | 4.635% | 4.671% | ||
| 1:00PM | 30-Yr Bond Auction (bl) | 25 | |||
| 2:00PM | Fed Daly Speech | ||||
| Friday, May 10 | |||||
| 12:00AM | Roll Date - UMBS 30YR | ||||
| 9:00AM | Fed Bowman Speech | ||||
| 10:00AM | May U Mich conditions | May | 68.8 | 79.0 | 79 |
| 10:00AM | May Consumer Sentiment (ip) | May | 67.4 | 76 | 77.2 |
| 10:00AM | May Sentiment: 5y Inflation (%) | May | 3.1% | 3% | |
| 10:00AM | May Michigan Consumer Expectations Final | May | 66.5 | 75 | 76 |
| 10:00AM | May Sentiment: 1y Inflation (%) | May | 3.5% | 3.2% | 3.2% |
| 10:00AM | Fed Kashkari Speech | ||||
| 12:00PM | WASDE Report (%) | ||||
| 12:45PM | Fed Goolsbee Speech | ||||
| 1:00PM | May/10 Baker Hughes Total Rig Count | May/10 | 603 | 605 | |
| 1:00PM | May/10 Baker Hughes Oil Rig Count | May/10 | 496 | 499 | |
| 1:30PM | Fed Barr Speech | ||||
| 2:00PM | Apr Federal budget, $ (bl) | Apr | $210B | $244.5B | $-236B |
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