Getting Back to Normal, For a Few Days Anyway
Getting Back to Normal, For a Few Days Anyway
After a decidedly abnormal 6 weeks beginning in early October, bonds began to calm down last week. This offered some hope that the brisk volatility and selling pressure was subsiding. With 10yr yields closing inside a 3bp range for 5 days in a row, the restoration of normality is basically confirmed. Today's data didn't have a big impact, but we wouldn't expect it to (based on the mixed signals). Bonds continue waiting on early December data for the next big push in one direction or the other. The upcoming week is always a bit of a wild card due to the holiday and month-end, but the fact remains that there are no truly top tier market movers.
Getting Back to Normal, For a Few Days Anyway
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Nov 22 | |||||
| 9:45AM | Nov S&P Global Manuf. PMI | Nov | 48.8 | 48.8 | 48.5 |
| 9:45AM | Nov S&P Global Composite PMI | Nov | 55.3 | 54.1 | |
| 9:45AM | Nov S&P Global Services PMI | Nov | 57.0 | 55.2 | 55.0 |
| 10:00AM | Nov U Mich conditions | Nov | 63.9 | 64.4 | 64.9 |
| 10:00AM | Nov Sentiment: 5y Inflation (%) | Nov | 3.2% | 3.1% | 3% |
| 10:00AM | Nov Sentiment: 1y Inflation (%) | Nov | 2.6% | 2.6% | 2.7% |
| 10:00AM | Nov Consumer Sentiment (ip) | Nov | 71.8 | 73.7 | 70.5 |
| 10:00AM | Nov Michigan Consumer Expectations Final | Nov | 76.9 | 78.5 | 74.1 |
| 1:00PM | Nov/22 Baker Hughes Oil Rig Count | Nov/22 | 479 | 478 | |
| 1:00PM | Nov/22 Baker Hughes Total Rig Count | Nov/22 | 583 | 584 | |
| Monday, Nov 25 | |||||
| 8:30AM | Oct National Activity Index | Oct | -0.40 | -0.20 | -0.28 |
| 10:30AM | Nov Dallas Fed Manufacturing Index | Nov | -2.7 | -2.4 | -3 |
| 11:30AM | 26-Week Bill Auction (bl) | 81 | |||
| 11:30AM | 6-Month Bill Auction | 4.340% | 4.310% | ||
| 11:30AM | 3-Month Bill Auction | 4.415% | 4.420% | ||
| 11:30AM | 26-Week Bill Auction (bl) | 72 | |||
| 1:00PM | 52-Week Bill Auction (bl) | 40 | |||
| 1:00PM | 2-Year Note Auction | 4.274% | 4.130% | ||
| 1:00PM | 2-Yr Note Auction (bl) | 69 | |||
| 1:00PM | 30-Day Bill Auction (%) | 4.550% | |||
