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Some Selling Pressure After Auction and Fed Minutes
Some Selling Pressure After Auction and Fed Minutes
There were no market-moving economic reports scheduled for today regardless of the government shutdown. That left the focus entirely on the afternoon events: the 1pm 10yr Treasury auction and the 2pm release of the Fed Minutes (a more detailed account of the Fed meeting 3 weeks ago). The auction was slightly weaker than expected, which accounted for most of the upward pressure in yields in the afternoon. The minutes didn't help (even if they didn't necessarily hurt). Notable comments included mention of a few members who would have been OK with no rate cut and a majority of members remaining concerned about inflation.
modestly stronger overnight and holding so far. MBS up 2 ticks (.06) and 10yr down 2.4bps at 4.103
Near weaker levels. MBS up 1 tick (.03) and 10yr down 0.9bps at 4.118
No major reaction to middle-of-the-road auction. 10yr down 1bp at 4.117 and MBS up 1 tick (.03)
MBS are 1 tick lower (.03) and 10yr yields are 0.4bps higher at 4.131
Slight additional selling after Fed Minutes. MBS down 3 ticks (.09) and 10yr up 0.6bps at 4.133
Some Selling Pressure After Auction and Fed Minutes
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Oct 08 | |||||
| 7:00AM | Oct/03 Mortgage Market Index | Oct/03 | 323.1 | 339.1 | |
| 7:00AM | Oct/03 MBA Refi Index | Oct/03 | 1180.2 | 1278.6 | |
| 7:00AM | Oct/03 MBA Purchase Index | Oct/03 | 170.6 | 172.7 | |
| 9:20AM | Fed Musalem Speech | ||||
| 9:30AM | Fed Barr Speech | ||||
| 10:30AM | Oct/03 Crude Oil Inventory (ml) | Oct/03 | 3.715M | 2.25M | 1.792M |
| 1:00PM | 10-yr Note Auction (bl) | 39 | |||
| 2:00PM | FOMC Minutes | ||||
| 3:15PM | Fed Kashkari Speech | ||||
| 5:45PM | Fed Barr Speech | ||||
| Thursday, Oct 09 | |||||
| 8:30AM | Sep/20 Continued Claims (on hold, shutdown) (k) | Sep/20 | 1930K | 1926K | |
| 8:30AM | Sep/27 Jobless Claims (on hold, shutdown) (k) | Sep/27 | 223K | 218K | |
| 8:30AM | Oct/04 Jobless Claims (on hold, shutdown) (k) | Oct/04 | 227K | ||
| 8:30AM | Sep/27 Continued Claims (on hold, shutdown) (k) | Sep/27 | 1930K | ||
| 8:30AM | Fed Chair Powell Speech | ||||
| 8:35AM | Fed Bowman Speech | ||||
| 10:00AM | Aug Wholesale inventories (o (%) | Aug | -0.2% | 0% | |
| 12:00PM | WASDE Report (%) | ||||
| 12:45PM | Fed Barr Speech | ||||
| 1:00PM | 30-Yr Bond Auction (bl) | 22 | |||
| 1:00PM | 30-Year Bond Auction | 4.651% | |||
| 3:45PM | Fed Bowman Speech | ||||
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