Empty Calendar and Range-Holding
Empty Calendar and Range-Holding
Friday is merely a day to be watched in case it misbehaves. The econ calendar is essentially empty (just S&P manufacturing PMI), overnight volatility was minimal, and bonds are fairly close to unchanged in the first few hours. The sort of serious trading that sends bigger picture signals won't arrive until next week. As such, even if today's trading misbehaves (e.g. 10yr breaking above 4.20%), it wouldn't be as alarming as next week holding above 4.20%.
Modestly stronger overnight and little-changed so far. MBS up 2 ticks (.06) and 10yr down 0.3bps at 4.165
weakest levels of the day. MBS down 1 tick (.03) and 10yr up 1.7bps at 4.186
Token Year-End Volatility
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Jan 02 | |||||
| 9:45AM | Dec S&P Global Manuf. PMI | Dec | 51.8 | 51.8 | 52.2 |
| 10:00AM | Nov Construction spending (%) | Nov | |||
| Monday, Jan 05 | |||||
| 10:00AM | Dec ISM Manufacturing Employment | Dec | 44.0 | ||
| 10:00AM | Dec ISM Mfg Prices Paid | Dec | 59.0 | 58.5 | |
| 10:00AM | Dec ISM Manufacturing PMI | Dec | 48.3 | 48.2 | |
| 2:00PM | Dec Total Vehicle Sales (ml) | Dec | 15.7M | 15.6M | |
