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Bonds Erase Most of The AM Losses
Bonds Erase Most of The AM Losses
The bond market was visibly pulled in two directions on Tuesday. This played out in phases, with AM weakness followed by a gradual recovery. But it can also be assumed to be playing out at any given moment as bonds listen to the voices arguing in their own mind. One voice says yields need to go higher due to inflation expectations and Treasury issuance implications. The other says that Treasuries are still a global safe haven amid geopolitical uncertainty (and, to a lesser extent, that the sell-off through 9am this morning may have been a tad overdone). Looking at stocks vs bonds, it does indeed look like yesterday was more about inflation fears and new-month positioning while today was a risk-off move that started at the 9:30am NYSE open.
Bonds Erase Most of The AM Losses
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Mar 04 | |||||
| 7:00AM | Feb/27 MBA Refi Index | Feb/27 | 1432.9 | ||
| 7:00AM | Feb/27 MBA Purchase Index | Feb/27 | 149.7 | ||
| 7:00AM | Feb/27 Mortgage Market Index | Feb/27 | 340.2 | ||
| 8:15AM | Feb ADP jobs (k) | Feb | 50K | 22K | |
| 9:45AM | Feb S&P Global Composite PMI | Feb | 52.3 | 53 | |
| 9:45AM | Feb S&P Global Services PMI | Feb | 52.3 | 52.7 | |
| 10:00AM | Feb ISM Services Employment | Feb | 50.3 | ||
| 10:00AM | Feb ISM Biz Activity | Feb | 57.4 | ||
| 10:00AM | Feb ISM Services Prices | Feb | 66.6 | ||
| 10:00AM | Feb ISM Services New Orders | Feb | 53.1 | ||
| 10:00AM | Feb ISM N-Mfg PMI | Feb | 53.5 | 53.8 | |
| 10:30AM | Feb/27 Crude Oil Inventory (ml) | Feb/27 | 2.2M | 15.989M | |
| 2:00PM | Fed Beige Book | ||||
| Thursday, Mar 05 | |||||
| 7:30AM | Feb Challenger layoffs (k) | Feb | 108.435K | ||
| 8:30AM | Jan Import prices mm (%) | Jan | 0.2% | 0.1% | |
| 8:30AM | Feb/28 Jobless Claims (k) | Feb/28 | 215K | 212K | |
| 8:30AM | Feb/21 Continued Claims (k) | Feb/21 | 1850K | 1833K | |
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