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Another Slightly Stronger Start
Another Slightly Stronger Start
Once again, bond yields dropped in the overnight session in concert with lower oil prices. Today's iteration is less swift than yesterday's, but after last week's sell-off, we'll take any green we can get. Econ data is light and inconsequential. The 7yr Treasury auction is typically not a source of drama. That leaves focus on any notable war headlines. Otherwise, Wednesday afternoon's Fed announcement remains the week's focal point for clarifying the Fed's policy stance and for the bond market to adjust accordingly.
Bond Yields Underperformed The Oil Price Drop
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Jul 28 | |||||
| 8:15AM | ADP Employment Change Weekly | 15.0K | 16.5K | ||
| 9:00AM | May CaseShiller 20 mm nsa (%) | May | 0.9% | 1% | |
| 9:00AM | May FHFA Home Price Index m/m (%) | May | 0.3% | 0.2% | -0.1% |
| 9:00AM | May Case Shiller Home Prices-20 y/y (% ) | May | 1.6% | 1.3% | 1.1% |
| 9:00AM | May FHFA Home Prices y/y (%) | May | 2.2% | 2% | |
| 10:00AM | Jul CB Consumer Confidence (%) | Jul | 90.8 | 92.3 | 91.2 |
| 11:30AM | 6-Week Bill Auction (%) | 3.700% | 3.650% | ||
| 1:00PM | 7-Yr Note Auction (bl) | 44 | |||
| Wednesday, Jul 29 | |||||
| 7:00AM | Jul/24 MBA Refi Index | Jul/24 | 802.3 | ||
| 7:00AM | Jul/24 Mortgage Market Index | Jul/24 | 264.0 | ||
| 7:00AM | Jul/24 MBA Purchase Index | Jul/24 | 165.8 | ||
| 10:30AM | Jul/24 Crude Oil Inventory (ml) | Jul/24 | -2.50M | 2.011M | |
| 11:30AM | 2-Year FRN Auction (%) | 0.079% | |||
| 11:30AM | 2-Yr Note Auction (bl) | 30 | |||
| 2:00PM | Fed Interest Rate Decision | 3.75% | 3.75% | ||
| 2:30PM | Fed Press Conference | ||||
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