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Bonds End Up Little-Changed. Other Markets May Have Helped
Bonds End Up Little-Changed. Other Markets May Have Helped
Bonds began the day with a bit of selling pressure. It was almost too small to draw much attention to. MBS never dropped below yesterday's lows and 10yr yields merely moved back up to overnight highs (also, no higher than yesterday's highs). In other words, it was "in-range weakness"--the kind of thing we often view as incidental and inconsequential. Shortly after the 9:30am NYSE open, stocks tanked hard along with several of the recently volatile commodities. Bonds benefited from that selling, but didn't lose any ground after the stock/commodities move reversed.
No reaction to AM econ data. MBS down 1 tick (.03) and 10yr up less than half a bp at 4.246.
MBS down an eighth and 10yr up 1.1bps at 4.253 after mystery, mini-sell-off levels off.
No reaction to 7yr auction. 10yr yield down 1bp at 4.233 and MBS unchanged.
Sideways near stronger levels in Treasuries with 10yr down 1.4bps at 4.228. MBS roughly unchanged.
No Surprises From Powell
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Jan 29 | |||||
| 8:30AM | Q3 Unit Labour Costs QoQ Final | Q3 | -1.9% | -1.9% | -2.9% |
| 8:30AM | Q3 Nonfarm Productivity QoQ Final | Q3 | 4.9% | 4.9% | 4.1% |
| 8:30AM | Nov Trade Gap (bl) | Nov | $-56.8B | $-40.5B | $-29.4B |
| 8:30AM | Jan/17 Continued Claims (k) | Jan/17 | 1827K | 1860K | 1849K |
| 8:30AM | Jan/24 Jobless Claims (k) | Jan/24 | 209K | 205K | 200K |
| 10:00AM | Nov Factory orders mm (%) | Nov | 2.7% | 1.6% | -1.3% |
| 1:00PM | 7-Yr Note Auction (bl) | 44 | |||
| Friday, Jan 30 | |||||
| 8:30AM | Dec Core Producer Prices MM (%) | Dec | 0.2% | 0% | |
| 8:30AM | Dec PPI YoY | Dec | 2.7% | 3% | |
| 8:30AM | Dec Producer Prices (%) | Dec | 0.2% | 0.2% | |
| 9:45AM | Jan Chicago PMI | Jan | 44 | 43.5 | |
| 5:00PM | Fed Bowman Speech | ||||
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