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10yr Auction to The Rescue
10yr Auction to The Rescue
Today's 10yr Treasury auction was the only relevant calendar event in terms of potential market movement and it lived up to its billing. Unlike the set-up to many auctions, there was no meaningful weakness in bonds ahead of the 1pm cut-off. The results themselves were decidedly strong and the immediacy of the market reaction reflected that. Yields dropped 4bps more or less instantly, and MBS ultimately added another eighth of a point of improvement to the eighth that was already in play before the auction. From here, attention turns to Wednesday's Fed announcement, specifically for Powell's press conference (because there's zero chance of a rate cut at this meeting).
10yr Auction to The Rescue
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, May 06 | |||||
| 8:30AM | Mar Trade Gap (bl) | Mar | $-140.5B | $-137B | $-122.7B |
| 10:10AM | May IBD economic optimism | May | 47.9 | 50.2 | 49.1 |
| 10:30AM | NY Fed Treasury Purchases 0 to 1 yrs (%) | $75 million | |||
| 1:00PM | 10-Year Note Auction | 4.342% | 4.435% | ||
| 1:00PM | 10-yr Note Auction (bl) | 42 | |||
| Wednesday, May 07 | |||||
| 7:00AM | May/02 MBA Purchase Index | May/02 | 162.8 | 146.6 | |
| 7:00AM | May/02 MBA Refi Index | May/02 | 721 | 649.0 | |
| 10:30AM | May/02 Crude Oil Inventory (ml) | May/02 | -2.032M | -1.7M | -2.696M |
| 2:00PM | Fed Interest Rate Decision | 4.5% | 4.5% | ||
| 2:30PM | Fed Press Conference | ||||
| 3:00PM | Mar Consumer credit (bl) | Mar | $9.5B | $-0.81B | |
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