Weaker Day, Stronger Week
Weaker Day, Stronger Week
Friday ended up seeing the bond market give up some ground with most of the weakness following the ISM Services data. The headline wasn't the culprit. Rather, resilience in the employment index and persistence in the price index did the damage. Even then, the damage was minimal in the bigger picture and not sufficient to derail what ended up being a stronger week overall.
No major reaction to ISM data. MBS down 2 ticks (.06) and 10yr up 1.9bps at 4.101
Off the weakest levels. MBS down 2 ticks (.06) after being down more than an eighth earlier. 10yr up 2.8bps at 4.109 after hitting 4.117 earlier.
Weakest levels of the day. 10yr yields up 3.8bps at 4.12 and MBS down 6 ticks (.19) on the day.
Ultra Quiet Session
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Oct 03 | |||||
| 6:05AM | Fed Williams Speech | ||||
| 8:30AM | Sep Non Farm Payrolls (k) | Sep | 50K | 22K | |
| 8:30AM | Sep Participation Rate | Sep | 62.3% | ||
| 8:30AM | Sep Unemployment rate mm (%) | Sep | 4.3% | 4.3% | |
| 8:30AM | Sep Average earnings mm (%) | Sep | 0.3% | 0.3% | |
| 9:45AM | Sep S&P Global Services PMI | Sep | 54.2 | 53.9 | 54.5 |
| 9:45AM | Sep S&P Global Composite PMI | Sep | 53.9 | 53.6 | 54.6 |
| 10:00AM | Sep ISM N-Mfg PMI | Sep | 50.0 | 51.7 | 52.0 |
| 10:00AM | Sep ISM Services Employment | Sep | 47.2 | 46.5 | |
| 10:00AM | Sep ISM Services Prices | Sep | 69.4 | 69.2 | |
| 10:00AM | Sep ISM Biz Activity | Sep | 49.9 | 51.8 | 55.0 |
| 10:00AM | Sep ISM Services New Orders | Sep | 50.4 | 56.0 | |
| 1:30PM | Fed Logan Speech | ||||
| 1:40PM | Fed Jefferson Speech | ||||
| Monday, Oct 06 | |||||
