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Treasury Auction Blamed as Bond Vigilantes' Smoking Gun
Treasury Auction Blamed as Bond Vigilantes' Smoking Gun
Vigilante justice! Taking matters into one's own hands! It's a sensational concept when applied to the bond market, but the term hasn't really done us many favors over the years. It happened to work for a headline today because the term is as over-the-top as the notion that today's 20yr auction was some magical "ah ha" moment leading to a massive reprimand of congressional budget negotiations in both stocks and bonds. In actuality, the auction was fairly average--certainly nothing that warranted the stock/bond swoon, but if markets were looking for an excuse to sell (a smoking gun?), it was one of the only options.
Treasury Auction Blamed as Bond Vigilantes' Smoking Gun
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, May 22 | |||||
| 8:30AM | May/10 Continued Claims (ml) | May/10 | 1,903K | 1890K | 1881K |
| 8:30AM | May/17 Jobless Claims (k) | May/17 | 227K | 230K | 229K |
| 9:45AM | May S&P Global Manuf. PMI | May | 52.3 | 50.1 | 50.2 |
| 9:45AM | May S&P Global Composite PMI | May | 52.1 | 50.6 | |
| 9:45AM | May S&P Global Services PMI | May | 52.3 | 50.8 | 50.8 |
| 10:00AM | Apr Existing home sales (ml) | Apr | 4.00M | 4.1M | 4.02M |
| 10:00AM | Apr Exist. home sales % chg (%) | Apr | -0.5% | -5.9% | |
| 1:00PM | 10-yr TIPS Auction (bl) | 18 | |||
| 2:00PM | Fed Williams Speech | ||||
| Friday, May 23 | |||||
| 8:00AM | Apr Building Permits (ml) | Apr | 1.412M | 1.467M | |
| 10:00AM | Apr New Home Sales (%) (%) | Apr | 7.4% | ||
| 10:00AM | Apr New Home Sales (ml) | Apr | 0.692M | 0.724M | |
| 12:00PM | Fed Cook Speech | ||||
| 2:00PM | Memorial Day Weekend | ||||
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