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Slow Start; Light Calendar This Week
Slow Start; Light Calendar This Week
Fresh off the rally reversal courtesy of last week's jobs report, the bond market now finds itself in a virtually data-free week with little else to inspire big departures from prevailing levels. From last Thursday's early close, there's been remarkably little movement so far. This is all the more notable given the fact that Thursday was the heaviest day of selling in several weeks, arguably ending the rally trend from the 2nd half of June. It's always possible that unexpected developments will stir things up, but for now, the most obvious flashpoint on the horizon is next week's CPI data.
Modestly weaker overnight with MBS down less than an eighth and 10yr up 2bps at 4.367
Steady weakness continues. MBS now down 5 ticks (.16) and 10yr up 3.4bps at 4.38
Big Market Reaction, But MBS Outperform
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Jul 07 | |||||
| Tuesday, Jul 08 | |||||
| 6:00AM | Jun NFIB Business Optimism Index | Jun | 98.7 | 98.8 | |
| 11:00AM | Jun Consumer Inflation Expectations | Jun | 3.2% | ||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
| 3:00PM | May Consumer credit (bl) | May | $10.5B | $17.87B | |
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