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Unofficial 4 Day Weekend
Unofficial 4 Day Weekend
Much like the Friday after Thanksgiving, we have to wonder what the point is of a trading session without any neighbors (there's actually some guiding principle in setting holiday closures that there should not ever be more than 2 consecutive weekday closures). Much of the market treats such Fridays as the unofficial second day of a 4 day weekend. While that's far less pronounced on a static date holiday like Juneteenth, the market is nonetheless trading in the same old range an in an increasingly narrow pattern to boot.
Moderately weaker overnight, following European bonds, but bouncing back a bit after AM data. MBS down 1 tick (.03) and 10yr up 2.7bps at 4.419
Decent rally at 11am. 10yr now down 1bp at 4.382. MBS up 3 ticks (.09).
Fed Threads The Needle of Apathy
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Jun 20 | |||||
| 12:00AM | Roll Date - Ginnie Mae 30YR | ||||
| 8:30AM | Jun Philly Fed Prices Paid | Jun | 41.40 | 59.80 | |
| 8:30AM | Jun Philly Fed Business Index | Jun | -4.0 | -1 | -4.0 |
| 10:00AM | May CB Leading Index MoM (%) | May | -0.1% | -0.1% | -1% |
| Monday, Jun 23 | |||||
| 3:00AM | Fed Waller Speech | ||||
| 9:45AM | Jun S&P Global Composite PMI | Jun | 53 | ||
| 9:45AM | Jun S&P Global Manuf. PMI | Jun | 51.2 | 52 | |
| 9:45AM | Jun S&P Global Services PMI | Jun | 52.9 | 53.7 | |
| 10:00AM | May Existing home sales (ml) | May | 3.95M | 4M | |
| 10:00AM | May Exist. home sales % chg (%) | May | -1.3% | -0.5% | |
| 10:00AM | Fed Bowman Speech | ||||
| 1:10PM | Fed Golsbee Speech | ||||
| 2:30PM | Fed Kugler Speech | ||||
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