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Friendly Reversal Thanks to 7yr Treasury Auction
Friendly Reversal Thanks to 7yr Treasury Auction
The day began as so many days over the past few months with bonds moving higher in yield for reasons that transcend the typical economic data or news headlines. The Christmas holiday week is particularly random in terms of directionality due to low volume and liquidity. That ended up being beneficial today with a strong 7yr Treasury auction resulting in a favorable imbalance between buyers and sellers. Light liquidity/volume magnifies the impacts of such imbalances. The result was one of the biggest reactions to a 7yr Treasury auction in several years. That's not a high bar, but was nonetheless worth 4bps in 10yr yields and a move from weaker to stronger territory on the day.
Friendly Reversal Thanks to 7yr Treasury Auction
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Dec 26 | |||||
| 8:30AM | Dec/14 Continued Claims (ml) | Dec/14 | 1910K | 1880K | 1874K |
| 8:30AM | Dec/21 Jobless Claims (k) | Dec/21 | 219K | 224K | 220K |
| 1:00PM | 17-Week Bill Auction (%) | 4.230% | 4.220% | ||
| 1:00PM | 7-Yr Note Auction (bl) | 44 | |||
| Friday, Dec 27 | |||||
| 8:30AM | Nov Wholesale inventories mm (%) | Nov | -0.2% | 0.2% | 0.2% |
| 1:00PM | Dec/20 Crude Oil Inventory (ml) | Dec/20 | -4.237M | -2M | -0.934M |
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