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In-Range PM Weakness
In-Range PM Weakness
Viewed under a microscope, it may have seemed like today was a relatively volatile session for the bond market. Weaker opening levels in Treasuries gave way to a mid-day rally that nearly got rates back to unchanged levels. But the afternoon saw steady selling that took bonds to their weakest levels of the session. In the bigger picture, this was a non-event as it leaves trading levels well within the prevailing range. Additionally, there were no compelling justifications for the move unless we want to continue to force the narrative of higher stocks prices leading to higher bond yields (where the correlation has been anything but reliable).
Choppy and sideways overnight, but in a narrow range. MBS up 2 ticks (.06) and 10yr down 0.7bps at 4.039
In-Range PM Weakness
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Feb 26 | |||||
| 8:30AM | Feb/14 Continued Claims (k) | Feb/14 | 1833K | 1860K | 1869K |
| 8:30AM | Feb/21 Jobless Claims (k) | Feb/21 | 212K | 215K | 206K |
| 10:00AM | Fed Bowman Speech | ||||
| 1:00PM | 7-Yr Note Auction (bl) | 44 | |||
| Friday, Feb 27 | |||||
| 8:30AM | Jan PPI m/m (%) | Jan | 0.3% | 0.5% | |
| 8:30AM | Jan Core PPI m/m (%) | Jan | 0.3% | 0.7% | |
| 8:30AM | Jan PPI y/y | Jan | 2.6% | 3% | |
| 9:45AM | Feb Chicago PMI | Feb | 52.8 | 54.0 | |
| 10:00AM | Nov Construction spending (%) | Nov | 0.2% | 0.5% | |
| 10:00AM | Dec Construction spending (%) | Dec | 0.3% | 0.5% | |
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