Bonds Erase Most of The Overnight Weakness
Bonds Erase Most of The Overnight Weakness
Thursday could be viewed two ways. On one hand, bonds lost ground early and were unable to recover it by the 3pm close. On the other hand, there was a decent rally on Wednesday that set a high bar for additional gains. In other words, it's a victory to merely hold close to yesterday's closing levels. Data passed without a trace, either because it was stale, near consensus, or both. There was better buying in the afternoon--a fact that's consistent with our observation that the EU session had an impact today. The afternoon bond market recovery commenced when EU markets closed. Correlation, yes, but not necessarily causality.
Bonds Erase Most of The Overnight Weakness
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Jan 23 | |||||
| 9:45AM | Jan S&P Global Services PMI | Jan | 52.5 | 52.8 | 52.5 |
| 9:45AM | Jan S&P Global Manuf. PMI | Jan | 51.9 | 52 | 51.8 |
| 9:45AM | Jan S&P Global Composite PMI | Jan | 52.8 | 52.7 | |
| 10:00AM | Oct CB Leading Index MoM (%) | Oct | -0.2% | -0.3% | |
| 10:00AM | Nov CB Leading Index MoM (%) | Nov | -0.2% | ||
| 10:00AM | Jan Consumer Sentiment (ip) | Jan | 56.4 | 54.0 | 52.9 |
| 10:00AM | Jan Sentiment: 1y Inflation (%) | Jan | 4.0% | 4.2% | 4.2% |
| 10:00AM | Jan Sentiment: 5y Inflation (%) | Jan | 3.3% | 3.4% | 3.2% |
| 10:00AM | Jan U Mich conditions | Jan | 55.4 | 52.4 | 50.4 |
| Monday, Jan 26 | |||||
| 8:30AM | Nov Durables ex-transport (%) | Nov | 0.2% | ||
| 8:30AM | Nov Durables ex-defense mm (%) | Nov | -1.5% | ||
| 8:30AM | Nov Core CapEx (%) | Nov | 0.5% | ||
| 8:30AM | Nov Durable goods (%) | Nov | -2.2% | ||
| 1:00PM | 2-Yr Note Auction (bl) | 69 | |||
