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Yields Testing Range Ceiling Ahead of Auctions, Data, And The Fed
Yields Testing Range Ceiling Ahead of Auctions, Data, And The Fed
Bonds are under pressure yet again at the start of the new week--insult added to injury coming off of the worst week of selling since the late October Fed announcement. On that note, some of the recent weakness could be the bond market's way of bracing for another unfriendly impact from the Fed. There's also the need to make room for Treasury auctions during a less liquid time of year as well as a relatively important JOLTS release on Tuesday morning. Either way, 10yr yields are stretching the upper boundary of the medium term range.
A hair weaker overnight and sideways so far. MBS down 3 ticks (.09) and 10yr up 1.2bps at 4.149
drifting sideways near weakest levels. MBS down a quarter point and 10yr up 3.5bps at 4.172
Off the weakest levels, but not much. MBS down 7 ticks (.22) and 10yr up 3 bps at 4.167
Technicals Help Reconcile Selling Pressure
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Dec 08 | |||||
| 11:00AM | Nov Consumer Inflation Expectations | Nov | 3.2% | 3.2% | |
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
| Tuesday, Dec 09 | |||||
| 6:00AM | Nov NFIB Business Optimism Index | Nov | 98.4 | 98.2 | |
| 8:15AM | ADP Employment Change Weekly | -13.5K | |||
| 10:00AM | Sep USA JOLTS Job Openings (ml) | Sep | 7.2M | 7.227M | |
| 10:00AM | Sep JOLTs Job Quits (ml) | Sep | 3.091M | ||
| 10:00AM | Oct USA JOLTS Job Openings (ml) | Oct | |||
| 10:00AM | Oct JOLTs Job Quits (ml) | Oct | |||
| 11:30AM | 6-Week Bill Auction (%) | 3.700% | |||
| 12:00PM | WASDE Report (%) | ||||
| 12:00PM | WASDE Report (%) | ||||
| 12:00PM | WASDE Report (%) | ||||
| 1:00PM | 10-yr Note Auction (bl) | 39 | |||
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