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Slightly Weaker Start After Stronger Econ Data
Slightly Weaker Start After Stronger Econ Data
This morning's economic reports (jobless claims and Philly Fed) are not notoriously big market movers, but many analysts gave ample credit to Claims for driving last Thursday morning's rally. Now today, claims are right back in line with the same low levels from 2 weeks ago. Continued Claims are also much lower than expected, including a friendly revision to last week's number. A much stronger Philly Fed result isn't really helping, even if it's probably not hurting as much as the jobless claims reversal. Bonds were slightly stronger before the data, but yields are beginning to lift off since then.
MBS up an eighth and 10yr down 1.6bps at 4.064
Slightly weaker after data. MBS still up 1 tick (.03) and 10yr up 0.1bps at 4.081
Losses continue. MBS down 6 ticks and 10yr up 4.9bps at 4.129
sideways after early losses. MBS down 3 ticks (.09) and 10yr up 3bps at 4.111
Fed Day Selling Spree as Press Conference Trumps The Dots
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Sep 18 | |||||
| 8:30AM | Sep/06 Continued Claims (k) | Sep/06 | 1920K | 1950K | 1939K |
| 8:30AM | Sep/13 Jobless Claims (k) | Sep/13 | 231K | 240K | 263K |
| 8:30AM | Sep Philly Fed Business Index | Sep | 23.2 | 2.3 | -0.3 |
| 8:30AM | Sep Philly Fed Prices Paid | Sep | 46.80 | 66.80 | |
| 10:00AM | Aug CB Leading Index MoM (%) | Aug | -0.5% | -0.2% | -0.1% |
| 1:00PM | 10-yr Note Auction (bl) | 19 | |||
| Friday, Sep 19 | |||||
| 12:00AM | Roll Date - Ginnie Mae 30YR | ||||
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