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Light Data Calendar Leaves Focus on Treasury Auctions. Do Earning Matter?
Light Data Calendar Leaves Focus on Treasury Auctions. Do Earning Matter?
Not that this week's economic calendar is especially robust, but Wednesday's offerings are especially light. There are no monthly economic reports on tap and no major events. The only potential market mover on the calendar is the 1pm auction of 5yr Treasury notes. Treasury auctions are very inconsistent when it comes to their impact on trading levels. They frequently have no impact and occasionally have a modest impact. On rare occasions, they can prompt some of the week's biggest moves, but again, that's the exception. Outside the bond market, NVDA reports earnings today and considering the stock's influence on broader averages, it could create some volatility late in the day. Generally speaking, earnings season is not too relevant for the bond market. The exception is among companies that typically launch huge corporate bond offerings around the same time. NVDA is not one of those companies.
fairly flat overnight with some selling at 8:20am CME open. MBS down 2 ticks (.06) and 10yr up 1.7bps at 4.281
No major reaction to ho-hum 5yr auction. MBS up 1 tick (.03) and 10yr down 1.5bps at 4.251
Does Yield Curve Steepening Matter
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Aug 27 | |||||
| 7:00AM | Aug/22 MBA Purchase Index | Aug/22 | 163.8 | 160.3 | |
| 7:00AM | Aug/22 MBA Refi Index | Aug/22 | 894.1 | 926.1 | |
| 10:30AM | Aug/22 Crude Oil Inventory (ml) | Aug/22 | -2.392M | -2M | -6.014M |
| 11:30AM | 2-Yr Note Auction (bl) | 28 | |||
| 11:30AM | 2-Year FRN Auction (%) | 0.195% | 0.159% | ||
| 12:45PM | Fed Barkin Speech | ||||
| 1:00PM | 5-Yr Note Auction (bl) | 70 | |||
| Thursday, Aug 28 | |||||
| 8:30AM | Q2 Corporate profits (% ) | Q2 | -3.3% | ||
| 8:30AM | Aug/16 Continued Claims (k) | Aug/16 | 1970K | 1972K | |
| 8:30AM | Q2 GDP Final Sales (%) | Q2 | 6.3% | -3.1% | |
| 8:30AM | Q2 GDP deflator (%) | Q2 | 2% | 3.8% | |
| 8:30AM | Q2 Core PCE Prices QoQ Final | Q2 | 2.6% | 3.5% | |
| 8:30AM | Q2 GDP (%) | Q2 | 3.1% | -0.5% | |
| 8:30AM | Aug/23 Jobless Claims (k) | Aug/23 | 230K | 235K | |
| 10:00AM | Jul Pending Home Sales (%) | Jul | -0.1% | -0.8% | |
| 1:00PM | 7-Yr Note Auction (bl) | 44 | |||
| 6:00PM | Fed Waller Speech | ||||
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