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JOLTS Data Didn't Help, But it Didn't Hurt Much Either
JOLTS Data Didn't Help, But it Didn't Hurt Much Either
Bonds were moderately stronger overnight and then weaker after the 10am JOLTS data. The data itself was mixed with Job Openings higher (bad for rates) and job quits lower (good for rates). The headline took precedence and pushed yields back into higher territory on the day. Selling ebbed in the PM hours and MBS ultimately made it back to positive territory. Headlines regarding the Senate taking up the budget bill are ramping up, but with no discernible impact on the bond market so far. Bottom line, a roughly unchanged close in bonds requires very little explanation. On to the next data with ISM Services on Wednesday!
JOLTS Data Didn't Help, But it Didn't Hurt Much Either
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Jun 04 | |||||
| 7:00AM | May/30 MBA Refi Index | May/30 | 611.8 | 634.1 | |
| 7:00AM | May/30 MBA Purchase Index | May/30 | 155 | 162.1 | |
| 8:15AM | May ADP jobs (k) | May | 37K | 115K | 62K |
| 8:30AM | Fed Bostic Speech | ||||
| 9:45AM | May S&P Global Composite PMI | May | 53 | 52.1 | 50.6 |
| 9:45AM | May S&P Global Services PMI | May | 53.7 | 52.3 | 50.8 |
| 10:00AM | May ISM Services Prices | May | 68.7 | 65.1 | |
| 10:00AM | May ISM Services Employment | May | 50.7 | 49.0 | |
| 10:00AM | May ISM Biz Activity | May | 50.0 | 53.7 | |
| 10:00AM | May ISM N-Mfg PMI | May | 49.9 | 52 | 51.6 |
| 10:30AM | May/30 Crude Oil Inventory (ml) | May/30 | -4.304M | -0.9M | -2.795M |
| 1:00PM | Fed Cook Speech | ||||
| 2:00PM | Fed Beige Book | ||||
| Thursday, Jun 05 | |||||
| 7:30AM | May Challenger layoffs (k) | May | 93.816K | 105.441K | |
| 8:30AM | Apr Trade Gap (bl) | Apr | $-61.6B | $-94B | $-140.5B |
| 8:30AM | May/24 Continued Claims (ml) | May/24 | 1904K | 1910K | 1919K |
| 8:30AM | May/31 Jobless Claims (k) | May/31 | 247K | 235K | 240K |
| 12:00PM | Fed Kugler Speech | ||||
| 1:30PM | Fed Harker Speech | ||||
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