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Uneventful Conclusion to a Volatile Week
Uneventful Conclusion to a Volatile Week
Bonds put in a decent day on Friday, ultimately getting back into positive territory and the best closing levels of the week. Yields were almost perfectly in line with last Friday's. Overall, most of the past 3 days have been uneventful, but Tuesday's range breakout meant it was a volatile week overall. MBS and mortgage rates enjoyed ample insulation against that breakout thanks to recent outperformance driven by GSE MBS purchases (both actual and anticipated). The Fed is on deck next week, but with a zero percent chance of a rate cut. True big ticket data won't return until the week after next.
Uneventful Conclusion to a Volatile Week
| 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 | Jan Consumer Sentiment (ip) | Jan | 56.4 | 54.0 | 52.9 |
| 10:00AM | Jan Sentiment: 1y Inflation (%) | Jan | 4% | 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 | 0.3% | 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 | 0.5% | -2.2% | |
| 9:20AM | NY Fed Bill Purchases 1 to 4 months (%) | $8.304 billion | |||
| 1:00PM | 2-Yr Note Auction (bl) | 69 | |||
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