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Modest Incidental Weakness
Modest Incidental Weakness
Despite a bit of incidental selling today, the bond market has survived the winter holiday season without even attempting to break outside the narrow prevailing range. This is especially true for shorter duration Treasuries and MBS. It has been and continues to be the case that we won't get a sense of the next wave of momentum until next week at the earliest. It could take even longer if the econ data fails to make a compelling case for better or worse.
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
Modest Incidental Weakness
| 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 | |
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