|
Token Weakness Without a Cause
Token Weakness Without a Cause
Sometimes bonds rally or sell-off for no apparent reason, or at least for no reason that can be easily proven. That's been the case on each of the past two sessions with 30yr yields moving almost 10bps higher between the two of them. Geopolitical motivations have been nonexistent despite some efforts to link oil price concerns to bond weakness (not a solid thesis right now). Fiscal concerns may be having some small effect behind the scenes, but they're hard to substantiate based on the available headlines. The easiest approach would be to continue to classify the market as rangebound, in which case a pull-back makes sense given the lower yields seen last Thursday--especially with bigger ticket data/events over the next two days.
Token Weakness Without a Cause
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Jun 16 | |||||
| 8:30AM | Jun NY Fed Manufacturing | Jun | -16.00 | -5.5 | -9.20 |
| 12:00PM | NOPA Crush Report (%) | ||||
| Tuesday, Jun 17 | |||||
| 12:00AM | Roll Date - UMBS 15YR, Ginnie Mae 15YR | ||||
| 8:30AM | May Export prices mm (%) | May | -0.9% | -0.2% | 0.1% |
| 8:30AM | May Retail Sales Control Group MoM | May | 0.4% | 0.3% | -0.2% |
| 8:30AM | May Import prices mm (%) | May | 0% | -0.2% | 0.1% |
| 8:30AM | May Retail Sales (%) | May | -0.9% | -0.7% | 0.1% |
| 8:30AM | May Retail Sales (ex-autos) (%) | May | -0.3% | 0.1% | 0.1% |
| 9:15AM | May Industrial Production (%) | May | -0.2% | 0.1% | 0% |
| 10:00AM | Apr Business Inventories (% ) | Apr | 0% | 0% | 0.1% |
| 10:00AM | Jun NAHB housing market indx | Jun | 32 | 36 | 34 |
| 1:00PM | 5-Yr Note Auction (bl) | 23 | |||
| 8:00PM | International Monetary Market (IMM) Date (%) | ||||
|
|
