Modest Gains Maintained After Intraday Slippage
Modest Gains Maintained After Intraday Slippage
Slippage is a bit less severe than leakage. Neither of them will turn a green day red, but they both erode morning gains. Today's gains primarily followed a pre-market comment from Trump who said the US was in the middle of final negotiations to end the Iran war. Bonds hit their best levels shortly thereafter and then the slippage set in. The backtracking was more evident in Treasuries with the 10yr losing almost half of the day-over-day gains. MBS managed to hold firmer, and were still broadly in line with the middle of the AM range by 4pm. Friday brings the jobs report. While it hasn't been as big of a flashpoint recently, we'd never rule out a reaction in the event of a big beat/miss.
Modest Gains Maintained After Intraday Slippage
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Jun 05 | |||||
| 8:30AM | May Participation Rate | May | 61.8% | ||
| 8:30AM | May Unemployment rate mm (%) | May | 4.3% | 4.3% | |
| 8:30AM | May Non Farm Payrolls (k) | May | 85K | 115K | |
| 8:30AM | May Average earnings mm (%) | May | 0.3% | 0.2% | |
| 3:00PM | Apr Consumer credit (bl) | Apr | $18B | $24.86B | |
| Monday, Jun 08 | |||||
| 11:00AM | May Consumer Inflation Expectations | May | 3.6% | ||
