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CPI Helped Bonds Avoid Losing Ground
CPI Helped Bonds Avoid Losing Ground
Bonds began the day in slightly weaker territory and managed to flip into slightly stronger territory after the CPI data. Core monthly CPI printed at 0.2, but was rounded down from 0.24. In other words, it wasn't as big of a beat as the "0.2 vs 0.3" result suggested. The notion of inflation being "lower but still elevated" contributed to the tepid response. As for MBS, they were in positive territory all day even though charts made them look weaker due to monthly settlement. Wednesday morning brings November's retail sales data and Producer Price Index (PPI). Neither are as heavy hitting as CPI, but they could move the needle of they fall far from forecast.
CPI Helped Bonds Avoid Losing Ground
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Jan 14 | |||||
| 7:00AM | Jan/09 MBA Refi Index | Jan/09 | 937 | ||
| 7:00AM | Jan/09 MBA Purchase Index | Jan/09 | 159.3 | ||
| 7:00AM | Jan/09 Mortgage Market Index | Jan/09 | 270.8 | ||
| 8:30AM | Nov PPI YoY | Nov | 2.7% | ||
| 8:30AM | Nov Core Producer Prices MM (%) | Nov | 0.2% | ||
| 8:30AM | Nov Core Producer Prices YY (%) | Nov | 2.7% | ||
| 8:30AM | Nov Producer Prices (%) | Nov | 0.2% | ||
| 8:30AM | Nov Retail Sales (%) | Nov | 0.4% | 0% | |
| 8:30AM | Nov Retail Sales Control Group MoM | Nov | 0.4% | 0.8% | |
| 8:30AM | Oct PPI YoY | Oct | 2.7% | ||
| 8:30AM | Oct Core Producer Prices MM (%) | Oct | 0.1% | ||
| 8:30AM | Oct Producer Prices (%) | Oct | 0.3% | ||
| 10:00AM | Oct Business Inventories (% ) | Oct | 0.2% | 0.2% | |
| 10:00AM | Dec Existing home sales (ml) | Dec | 4.21M | 4.13M | |
| 10:00AM | Dec Exist. home sales % chg (%) | Dec | 0.5% | ||
| 10:30AM | Jan/09 Crude Oil Inventory (ml) | Jan/09 | -2.2M | -3.831M | |
| Thursday, Jan 15 | |||||
| 8:30AM | Jan Philly Fed Prices Paid | Jan | 43.60 | ||
| 8:30AM | Jan NY Fed Manufacturing | Jan | 1 | -3.90 | |
| 8:30AM | Jan/03 Continued Claims (k) | Jan/03 | 1890K | 1914K | |
| 8:30AM | Jan/10 Jobless Claims (k) | Jan/10 | 215K | 208K | |
| 8:30AM | Jan Philly Fed Business Index | Jan | -2 | -10.2 | |
| 10:00AM | Nov Business Inventories (% ) | Nov | |||
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