Bonds Look Past Higher Manufacturing Prices
Bonds Look Past Higher Manufacturing Prices
There have certainly been days where the "prices paid" component of the ISM Manufacturing data has been responsible for sending bond yields higher. Today is not one of them, even though prices surged to the 2nd consecutive multi-year high. This likely would not be the case if it was the only data in play, but thankfully for bonds, the rest of the 10am data was friendly.
Month End Buying Pushes Back on Mid-Day Weakness
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Apr 01 | |||||
| 8:55AM | Mar/29 Redbook yy (%) | Mar/29 | 4.8% | 5.6% | |
| 9:45AM | Mar S&P Global Manuf. PMI | Mar | 50.2 | 49.8 | 52.7 |
| 10:00AM | Mar ISM Manufacturing New Orders | Mar | 45.2 | 48.6 | |
| 10:00AM | Mar ISM Mfg Prices Paid | Mar | 69.4 | 65 | 62.4 |
| 10:00AM | Mar ISM Manufacturing Employment | Mar | 44.7 | 47.6 | |
| 10:00AM | Feb USA JOLTS Job Openings | Feb | 7.568M | 7.63M | 7.74M |
| 10:00AM | Feb JOLTs Job Quits (ml) | Feb | 3.195M | 3.266M | |
| 10:00AM | Mar ISM Manufacturing PMI | Mar | 49 | 49.5 | 50.3 |
| 10:00AM | Feb Construction spending (%) | Feb | 0.7% | 0.3% | -0.2% |
| 10:30AM | Mar Dallas Fed Services Index | Mar | -11.3 | 4.6 | |
| 10:30AM | Mar Dallas Fed Services Revenues Index | Mar | 1.3 | 8.2 | |
| 10:40AM | Apr IBD economic optimism | Apr | 49.1 | 50.1 | 49.8 |
| 11:30AM | 52-Week Bill Auction (bl) | 50 | |||
| 11:30AM | 52-Week Bill Auction (bl) | 70 | |||
| 4:30PM | Mar/28 API weekly crude stocks (ml) | Mar/28 | +6.037M | -4.6M | |
| Wednesday, Apr 02 | |||||
| 6:00AM | Mar LMI Logistics Managers Index Current | Mar | 57.1 | 62.8 | |
| 7:00AM | Mar/28 MBA Mortgage Applications | Mar/28 | -1.6% | -2% | |
| 7:00AM | Mar/28 MBA Refi Index | Mar/28 | 710.4 | 752.4 | |
| 7:00AM | Mar/28 MBA Purchase Index | Mar/28 | 158.2 | 155.8 | |
| 7:00AM | Mar/28 Mortgage Market Index | Mar/28 | 243.6 | 247.5 | |
| 7:00AM | Mar/28 MBA 30-yr mortgage rate (%) | Mar/28 | 6.7% | 6.71% | |
| 8:15AM | Mar ADP jobs (k) | Mar | 155K | 105K | 77K |
| 9:00AM | Mar Total Vehicle Sales (ml) | Mar | 17.77M | 15.9M | 16.0M |
| 10:00AM | Feb Factory ex-transp mm (% ) | Feb | 0.4% | 0.7% | 0.2% |
| 10:00AM | Feb Factory orders mm (%) | Feb | 0.6% | 0.5% | 1.7% |
| 10:30AM | Mar/28 EIA Refinery Crude Runs Change | Mar/28 | -0.192M | 0.087M | |
| 10:30AM | Mar/28 EIA Distillate Fuel Production Change | Mar/28 | 0.164M | -0.1M | |
| 10:30AM | Mar/28 EIA Distillate Stocks Change | Mar/28 | 0.264M | -1.1M | -0.421M |
| 10:30AM | Mar/28 EIA Cushing Crude Oil Stocks Change | Mar/28 | 2.373M | -0.755M | |
| 10:30AM | Mar/28 Crude Oil Inventory (ml) | Mar/28 | 6.165M | -2M | -3.341M |
| 10:30AM | Mar/28 EIA Crude Oil Imports Change | Mar/28 | 0.999M | 0.845M | |
| 10:30AM | Mar/28 EIA Heating Oil Stocks Change | Mar/28 | 0.209M | -0.035M | |
| 10:30AM | Mar/28 EIA Gasoline Production Change | Mar/28 | 0.062M | -0.401M | |
| 10:30AM | Mar/28 EIA Gasoline Stocks Change | Mar/28 | -1.551M | -1.9M | -1.446M |
| 11:30AM | 17-Week Bill Auction | 4.200% | 4.200% | ||
| 4:00PM | Reciprocal Tariff Plan Announcement (%) | ||||
| 4:30PM | Fed Kugler Speech | ||||
