Bonds Drift Weaker Despite Lower Oil Prices
Bonds Drift Weaker Despite Lower Oil Prices
Although they still technically made positive progress versus the end of last week, bonds ended the day moderately weaker. Lower oil prices offered no support, but that's a tricky correlation these days. Longer-term oil contracts continue lining up with bond yield movement more reliably. To be sure, we can at least consider the impact of this morning's CPI data based on decent trading volume at the time and a reversal of the sideways to slightly stronger momentum in the preceding few hours, but it's impossible to say that it continued weighing on bonds for the rest of the session.
Slightly weaker this AM but leveling off with MBS unchanged and 10yr up 3bps at 4.306
weakest levels. MBS down 3 ticks (.09) and 10yr up 4.2bps at 4.319
flat for the past few hours with MBS down 2 ticks (.06) and 10yr up 4bps at 4.316
Bonds Drift Weaker Despite Lower Oil Prices
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Apr 10 | |||||
| 12:00AM | Roll Date - UMBS 30YR | ||||
| 8:30AM | Mar m/m Headline CPI (%) | Mar | 0.9% | 0.9% | 0.3% |
| 8:30AM | Mar m/m CORE CPI (%) | Mar | 0.2% | 0.3% | 0.2% |
| 8:30AM | Mar y/y CORE CPI (%) | Mar | 2.6% | 2.7% | 2.5% |
| 8:30AM | Mar y/y Headline CPI (%) | Mar | 3.3% | 3.3% | 2.4% |
| 10:00AM | Feb Factory orders mm (%) | Feb | 0% | -0.2% | 0.1% |
| 10:00AM | Apr Consumer Sentiment (ip) | Apr | 47.6 | 52 | 53.3 |
| 10:00AM | Apr U Mich conditions | Apr | 50.1 | 55.8 | |
| 10:00AM | Apr Sentiment: 5y Inflation (%) | Apr | 3.4% | 3.2% | |
| 10:00AM | Apr Sentiment: 1y Inflation (%) | Apr | 4.8% | 3.8% | |
| 2:00PM | Mar Federal budget (bl) | Mar | $-164.1B | $-156.75B | $-308B |
| Monday, Apr 13 | |||||
| 10:00AM | Mar Exist. home sales % chg (%) | Mar | 1.7% | ||
| 10:00AM | Mar Existing home sales (ml) | Mar | 4.01M | 4.09M | |
| 6:20PM | Fed Miran Speech | ||||
