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Starting Out Under 4.0% Despite Hotter PPI
Starting Out Under 4.0% Despite Hotter PPI
We'd already discussed the fact that PPI has fallen by the wayside as a relevant market mover for bonds despite one or two instances of relevance nearly 2 years ago when bonds were desperate for any hints of change. Today's PPI results and the ensuing bond market movement leave no doubt as to the relevance of this data. Spoiler alert: there's basically no relevance at the moment.
No reaction despite balmy PPI. MNS up 1 tick (.03) and 10yr down 2.2bps at 3.982
MBS up 2 ticks (.06) and 10yhr down 3.5bps at 3.969
MBS up 2 ticks (.06) and 10yr down 3.7 bps at 3.967
Knockin' on 10yr Floor
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Feb 27 | |||||
| 8:30AM | Jan PPI m/m (%) | Jan | 0.5% | 0.3% | 0.5% |
| 8:30AM | Jan Core PPI m/m (%) | Jan | 0.8% | 0.3% | 0.7% |
| 8:30AM | Jan PPI y/y | Jan | 2.9% | 2.6% | 3% |
| 8:30AM | Jan Core PPI y/y (%) | Jan | 3.6% | 3% | 3.3% |
| 9:45AM | Feb Chicago PMI | Feb | 57.7 | 52.8 | 54.0 |
| 10:00AM | Nov Construction spending (%) | Nov | -0.2% | 0.2% | 0.5% |
| 10:00AM | Dec Construction spending (%) | Dec | 0.3% | 0.3% | -0.2% |
| Monday, Mar 02 | |||||
| 9:45AM | Feb S&P Global Manuf. PMI | Feb | 51.2 | 52.4 | |
| 10:00AM | Feb ISM Manufacturing Employment | Feb | 48.1 | ||
| 10:00AM | Feb ISM Mfg Prices Paid | Feb | 59.5 | 59.0 | |
| 10:00AM | Feb ISM Manufacturing PMI | Feb | 52.3 | 52.6 | |
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