Bonds Struggling to Hang With Stock Market Swoon
Bonds Struggling to Hang With Stock Market Swoon
While much of the recent improvement in the bond market can be tied to various economic reports, there's been more than a normal amount of improvement due to "risk-off" trading. In other words, economic concerns led to general "sell stocks, buy bonds" vibes. After taking a quick break from the pity party on Friday, the stock market is back at it today. Bonds are once again getting some spillover, but we're definitely starting to see some hesitation. Stocks are like the friend who wants to keep partying. Bonds are like the friend who has to work in the morning.
Moderately stronger overnight and holding. MBS up 1 tick (.03) and 10yr down 1.3bps at 4.142
weakest levels. 10yr up 2.2bps at 4.177 and MBS now unchanged 5.5 coupons and down almost an eighth in 5.0 coupons.
Weakest levels of the day with MBS down 5 ticks (.16) and 10yr up 5.7bps at 4.213
Bonds Start Week Off With a Bang
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Mar 04 | |||||
| 6:00AM | Feb LMI Logistics Managers Index Current | Feb | 62.8 | 62.0 | |
| 8:55AM | Mar/01 Redbook yy (%) | Mar/01 | 6.6% | 6.2% | |
| 10:00AM | Mar IBD economic optimism | Mar | 49.8 | 53.1 | 52 |
| 10:30AM | NY Fed Treasury Purchases 6 to 10 yrs (%) | $50 million | |||
| 11:30AM | 52-Week Bill Auction (bl) | 70 | |||
| 2:20PM | Fed Williams Speech | ||||
| 4:30PM | Feb/28 API weekly crude stocks (ml) | Feb/28 | -1.455M | -0.3M | -0.640M |
| Wednesday, Mar 05 | |||||
| 7:00AM | Feb/28 Mortgage Market Index | Feb/28 | 212.3 | ||
| 7:00AM | Feb/28 MBA Purchase Index | Feb/28 | 144.3 | ||
| 7:00AM | Feb/28 MBA 30-yr mortgage rate (%) | Feb/28 | 6.88% | ||
| 7:00AM | Feb/28 MBA Refi Index | Feb/28 | 572.5 | ||
| 7:00AM | Feb/28 MBA Mortgage Applications | Feb/28 | -1.2% | ||
| 8:15AM | Feb ADP jobs (k) | Feb | 140K | 183K | |
| 9:45AM | Feb S&P Global Services PMI | Feb | 49.7 | 52.9 | |
| 9:45AM | Feb S&P Global Composite PMI | Feb | 50.4 | 52.7 | |
| 10:00AM | Feb Total Vehicle Sales (ml) | Feb | 15.6M | ||
| 10:00AM | Jan Factory orders mm (%) | Jan | 1.6% | -0.9% | |
| 10:00AM | Jan Factory ex-transp mm (% ) | Jan | 0.2% | ||
| 10:00AM | Feb ISM Services Employment | Feb | 52.3 | ||
| 10:00AM | Feb ISM Biz Activity | Feb | 54.5 | ||
| 10:00AM | Feb ISM N-Mfg PMI | Feb | 52.6 | 52.8 | |
| 10:00AM | Feb ISM Services Prices | Feb | 60.4 | ||
| 10:00AM | Feb ISM Services New Orders | Feb | 51.3 | ||
| 10:30AM | Feb/28 EIA Gasoline Production Change | Feb/28 | -0.02M | ||
| 10:30AM | Feb/28 EIA Heating Oil Stocks Change | Feb/28 | 0.134M | ||
| 10:30AM | Feb/28 EIA Gasoline Stocks Change | Feb/28 | 0.13M | 0.369M | |
| 10:30AM | Feb/28 EIA Cushing Crude Oil Stocks Change | Feb/28 | 1.282M | ||
| 10:30AM | Feb/28 Crude Oil Inventory (ml) | Feb/28 | -0.29M | -2.332M | |
| 10:30AM | Feb/28 EIA Distillate Fuel Production Change | Feb/28 | 0.439M | ||
| 10:30AM | Feb/28 EIA Distillate Stocks Change | Feb/28 | 0.87M | 3.908M | |
| 10:30AM | Feb/28 EIA Refinery Crude Runs Change | Feb/28 | 0.317M | ||
| 10:30AM | Feb/28 EIA Crude Oil Imports Change | Feb/28 | 0.292M | ||
| 11:30AM | 17-Week Bill Auction (%) | 4.200% | |||
| 2:00PM | Fed Beige Book | ||||
