|
|
Mostly Holding Last Week's Impressive Gains
Mostly Holding Last Week's Impressive Gains
At the start of the domestic session, bonds had actually managed to build on last week's impressive gains, even if only by a few bps. That was a bit of a revelation as we didn't know how much credit to give "defensive positioning ahead of a 3 day weekend" for a portion of those gains. Now that we're a few hours into the trading day, the early gains have evaporated, but not in an overly-alarming way. Barring unexpected headlines, it looks like bonds will be able to digest the Wednesday's Fed minutes from well within the confines of a 4.0-4.10% range in 10yr yields.
Modestly stronger overnight. MBS up 1 tick (.03) and 10yr down 1.4bps at 4.036
weaker in the early trading. MBS down 1 tick (.03) and 10yr up 0.7bps at 4.055
Bonds Close Out Epic Week of Resilience With Friendly Data
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Feb 17 | |||||
| 8:15AM | ADP Employment Change Weekly | 10.25K | 6.5K | ||
| 8:30AM | Feb NY Fed Manufacturing | Feb | 7.10 | 7 | 7.70 |
| 10:00AM | Feb NAHB housing market indx | Feb | 36 | 38 | 37 |
| 12:45PM | Fed Barr Speech | ||||
| 2:30PM | Fed Daly Speech | ||||
| Wednesday, Feb 18 | |||||
| 12:00AM | Roll Date - Ginnie Mae 30YR | ||||
| 7:00AM | Feb/13 MBA Purchase Index | Feb/13 | 161.5 | ||
| 7:00AM | Feb/13 MBA Refi Index | Feb/13 | 1284.6 | ||
| 7:00AM | Feb/13 Mortgage Market Index | Feb/13 | 329.9 | ||
| 8:30AM | Dec Housing starts number mm (ml) | Dec | 1.33M | ||
| 8:30AM | Dec Durable goods (%) | Dec | -2% | 5.3% | |
| 8:30AM | Dec Core CapEx (%) | Dec | 0.5% | 0.7% | |
| 9:15AM | Jan Industrial Production (%) | Jan | 0.4% | 0.4% | |
| 1:00PM | 20-Yr Bond Auction (bl) | 16 | |||
| 1:00PM | Fed Bowman Speech | ||||
| 2:00PM | FOMC Minutes | ||||
|
|
|
