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Still in The Range as Bonds Wait For Bigger Influences
Still in The Range as Bonds Wait For Bigger Influences
Bonds were noticeably weaker to start the new month with most of the losses arriving after the start of European trading overnight. Indeed there was strong correlation between EU sovereign debt and Treasuries--especially at the EU opening bell. Some news stories suggested bonds were selling off due to news that an appeals court ruling that Trump tariffs were illegal, but that news was out on Friday night. If it were a compelling bond market motivation, it would have been more visible in the overnight trading that took place before the EU open. Either way, yields remained well within the prevailing range and it continues to be this week's big-ticket econ data that has the best chance of challenging that range for better or worse.
Still in The Range as Bonds Wait For Bigger Influences
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Sep 02 | |||||
| 9:45AM | Aug S&P Global Manuf. PMI | Aug | 53.0 | 53.3 | 49.8 |
| 10:00AM | Aug ISM Manufacturing Employment | Aug | 43.8 | 43.4 | |
| 10:00AM | Jul Construction spending (%) | Jul | -0.1% | -0.1% | -0.4% |
| 10:00AM | Aug ISM Mfg Prices Paid | Aug | 63.7 | 65.3 | 64.8 |
| 10:00AM | Aug ISM Manufacturing PMI | Aug | 48.7 | 49 | 48.0 |
| 10:10AM | Sep IBD economic optimism | Sep | 48.7 | 51.8 | 50.9 |
| Wednesday, Sep 03 | |||||
| 7:00AM | Aug/29 MBA Purchase Index | Aug/29 | 158.7 | 163.8 | |
| 7:00AM | Aug/29 MBA Refi Index | Aug/29 | 902.5 | 894.1 | |
| 9:00AM | Fed Musalem Speech | ||||
| 10:00AM | Jul Factory orders mm (%) | Jul | -1.3% | -1.4% | -4.8% |
| 10:00AM | Jul JOLTs Job Quits (ml) | Jul | 3.208M | 3.142M | |
| 10:00AM | Jul USA JOLTS Job Openings (ml) | Jul | 7.181M | 7.4M | 7.437M |
| 1:30PM | Fed Kashkari Speech | ||||
| 2:00PM | Fed Beige Book | ||||
| 6:00PM | Aug Total Vehicle Sales (ml) | Aug | 16.1M | 16.1M | 16.4M |
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