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Bonds Hold Steady After Modest Data-Driven Rally
Bonds Hold Steady After Modest Data-Driven Rally
Today's (and to be fair, this week's) only major econ data--ISM Services--was a mixed blessing for bonds this morning. The only headwind was the uptick in the inflation component to another post-pandemic high. The tailwinds involved all other components suggesting a mild economic deceleration. Traders ultimately gave more weight to the latter. Bonds were slightly weaker before the data, but ended the day closer to unchanged levels. MBS outperformed, presumably due to Treasuries facing down another week of heavy auction supply.
Bonds Hold Steady After Modest Data-Driven Rally
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Aug 06 | |||||
| 7:00AM | Aug/01 MBA Purchase Index | Aug/01 | 158.0 | 155.6 | |
| 7:00AM | Aug/01 MBA Refi Index | Aug/01 | 777.4 | 739.3 | |
| 10:30AM | Aug/01 Crude Oil Inventory (ml) | Aug/01 | -3.029M | -1.1M | 7.698M |
| 1:00PM | 10-yr Note Auction (bl) | 42 | |||
| 2:00PM | Fed Cook Speech | ||||
| Thursday, Aug 07 | |||||
| 8:30AM | Jul/26 Continued Claims (ml) | Jul/26 | 1950K | 1946K | |
| 8:30AM | Aug/02 Jobless Claims (k) | Aug/02 | 221K | 218K | |
| 10:00AM | Jun Wholesale inventories mm (%) | Jun | 0.1% | -0.3% | |
| 10:00AM | Fed Bostic Speech | ||||
| 10:20AM | Fed Musalem Speech | ||||
| 11:00AM | Jul Consumer Inflation Expectations | Jul | 3% | ||
| 1:00PM | 30-Year Bond Auction | 4.889% | |||
| 1:00PM | 30-Yr Bond Auction (bl) | 25 | |||
| 3:00PM | Jun Consumer credit (bl) | Jun | $7B | $5.1B | |
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