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Stocks Save Bonds From Modest Losses
Stocks Save Bonds From Modest Losses
You won't always be able to count on the market dynamics we've seen over the past few weeks, but during that time, they've been pretty reliable. Specifically, steep losses in stocks have been helping the bond market more often than not, and today was another example. Bonds started out in slightly weaker territory after the PPI data suggested higher PCE inflation. PCE doesn't come out for 2 weeks, and PPI's top line numbers were good, but markets care more about PCE, hence the paradoxical reaction. Stocks began swooning in earnest in the 11am hour, and bond yields followed suit. After topping out at 4.35%, 10yr yields fell to 4.25+ before leveling off.
Saved By Stocks Again
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Mar 13 | |||||
| 8:30AM | Feb PPI YoY | Feb | 3.2% | 3.3% | 3.5% |
| 8:30AM | Feb Producer Prices (%) | Feb | 0% | 0.3% | 0.4% |
| 8:30AM | Feb PPI Ex Food, Energy and Trade MoM | Feb | 0.2% | 0.3% | |
| 8:30AM | Feb PPI Ex Food, Energy and Trade YoY | Feb | 3.3% | 3.4% | |
| 8:30AM | Feb Core Producer Prices YY (%) | Feb | 3.4% | 3.5% | 3.6% |
| 8:30AM | Mar/08 Jobless claims 4-wk avg (k) | Mar/08 | 226K | 224.25K | |
| 8:30AM | Feb Core Producer Prices MM (%) | Feb | -0.1% | 0.3% | 0.3% |
| 8:30AM | Feb PPI | Feb | 147.953 | 147.716 | |
| 8:30AM | Mar/01 Continued Claims (ml) | Mar/01 | 1870K | 1900K | 1897K |
| 8:30AM | Mar/08 Jobless Claims (k) | Mar/08 | 220K | 225K | 221K |
| 10:30AM | Mar/07 Nat gas-EIA, change bcf | Mar/07 | -62Bcf | -50Bcf | -80Bcf |
| 11:30AM | 8-Week Bill Auction | 4.220% | 4.220% | ||
| 11:30AM | 4-Week Bill Auction | 4.225% | 4.230% | ||
| 12:00PM | Mar/13 15-Year Mortgage Rate | Mar/13 | 5.8% | 5.79% | |
| 12:00PM | Mar/13 30-Year Mortgage Rate | Mar/13 | 6.65% | 6.63% | |
| 1:00PM | 30-Yr Bond Auction (bl) | 22 | |||
| 1:00PM | 30-Year Bond Auction | 4.623% | 4.748% | ||
| 4:30PM | Mar/12 Central Bank Balance Sheet | Mar/12 | $6.76T | $6.76T | |
| Friday, Mar 14 | |||||
| 10:00AM | Mar Consumer Sentiment (ip) | Mar | 57.9 | 63.1 | 64.7 |
| 10:00AM | Mar Sentiment: 5y Inflation (%) | Mar | 3.9% | 3.5% | |
| 10:00AM | Mar U Mich conditions | Mar | 63.5 | 65 | 65.7 |
| 10:00AM | Mar Michigan Consumer Expectations Final | Mar | 54.2 | 64.3 | 64.0 |
| 10:00AM | Mar Sentiment: 1y Inflation (%) | Mar | 4.9% | 4.3% | |
| 1:00PM | Mar/14 Baker Hughes Oil Rig Count | Mar/14 | 487 | 486 | |
| 1:00PM | Mar/14 Baker Hughes Total Rig Count | Mar/14 | 592 | 592 | |
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