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Bonds Give Up AM Gains After Powell Speech
Bonds Give Up AM Gains After Powell Speech
Bonds made it through the jobs report in good shape with modest gains intact heading into the PM hours. Things changed after that, with the most obvious turning point coinciding with Fed Chair Powell's speech. If traders had been hoping to hear Powell express some concern over economic momentum, they were disappointed when he said "the economy is fine. It doesn't need us to do anything, really." With that, bonds moved into negative territory and Fed Funds Futures moved back near the week's weakest levels (indicating slightly lower odds of the next rate cut happening in May).
Bonds Give Up AM Gains After Powell Speech
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Mar 07 | |||||
| 8:30AM | Feb Average workweek hrs (hr) | Feb | 34.1 | 34.2 | 34.1 |
| 8:30AM | Feb Average earnings mm (%) | Feb | 0.3% | 0.3% | 0.5% |
| 8:30AM | Feb Average Hourly Earnings YoY | Feb | 4% | 4.1% | 4.1% |
| 8:30AM | Feb Non Farm Payrolls | Feb | 151K | 160K | 143K |
| 8:30AM | Feb Manufacturing payrolls (k) | Feb | 10K | 5K | 3K |
| 8:30AM | Feb Participation Rate | Feb | 62.4% | 62.6% | |
| 8:30AM | Feb Government Payrolls | Feb | 11K | 32K | |
| 8:30AM | Feb U-6 Unemployment Rate | Feb | 8% | 7.5% | |
| 8:30AM | Feb Unemployment rate mm (%) | Feb | 4.1% | 4% | 4% |
| 8:30AM | Feb Private Payrolls (k) | Feb | 140K | 142K | 111K |
| 9:00AM | Feb Used Car Prices MoM | Feb | -0.7% | 0.4% | |
| 9:00AM | Feb Used Car Prices YoY | Feb | 0.1% | 0.8% | |
| 10:15AM | Fed Bowman Speech | ||||
| 10:45AM | Fed Williams Speech | ||||
| 12:20PM | Fed Kugler Speech | ||||
| 12:30PM | Fed Chair Powell Speech | ||||
| 1:00PM | Mar/07 Baker Hughes Oil Rig Count | Mar/07 | 486 | 489 | |
| 1:00PM | Mar/07 Baker Hughes Total Rig Count | Mar/07 | 592 | 593 | |
| 1:00PM | Fed Kugler Speech | ||||
| 3:00PM | Jan Consumer credit (bl) | Jan | $18.08B | $14.5B | $40.85B |
| Monday, Mar 10 | |||||
| 11:00AM | Feb Consumer Inflation Expectations | Feb | 3% | ||
| 11:30AM | 52-Week Bill Auction (bl) | 76 | |||
| 11:30AM | 3-Month Bill Auction | 4.210% | |||
| 11:30AM | 6-Month Bill Auction | 4.135% | |||
| 11:30AM | 26-Week Bill Auction (bl) | 68 | |||
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