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Another Hawkish Powell Press Conference Harshes Bonds' Mellow
Another Hawkish Powell Press Conference Harshes Bonds' Mellow
The Fed cut rates and ended QT. Neither were surprises for markets and neither had an impact. The press conference was hawkish, however, with Powell saying a December cut was far from a foregone conclusion. This is very much counter to the market's expectation that a December cut was a lock. Fed Funds Futures tanked and yields surged about 8bps in the 10yr. MBS lost about 3/8ths and negative reprices continue to roll in.
Another Hawkish Powell Press Conference Harshes Bonds' Mellow
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Oct 29 | |||||
| 7:00AM | Oct/24 MBA Purchase Index | Oct/24 | 164.3 | 157.3 | |
| 7:00AM | Oct/24 Mortgage Market Index | Oct/24 | 338.7 | 316.2 | |
| 7:00AM | Oct/24 MBA Refi Index | Oct/24 | 1327.8 | 1214.7 | |
| 10:00AM | Sep Pending Home Sales (%) | Sep | 0% | 1.6% | 4% |
| 10:30AM | Oct/24 Crude Oil Inventory (ml) | Oct/24 | -6.858M | -0.2M | -0.961M |
| 11:30AM | 2-Year FRN Auction (%) | 0.190% | 0.200% | ||
| 11:30AM | 2-Yr Note Auction (bl) | 30 | |||
| 2:00PM | Fed Interest Rate Decision | 4.0% | 4.0% | 4.25% | |
| 2:30PM | Fed Press Conference | ||||
| 2:30PM | Powell Press Conference | ||||
| Thursday, Oct 30 | |||||
| 9:55AM | Fed Bowman Speech | ||||
| 10:30AM | NY Fed Treasury Purchases TIPS 7.5 to 30 yrs (%) | $25 million | |||
| 1:15PM | Fed Logan Speech | ||||
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