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Modest Overnight Weakness on Oil and Corporate Issuance.
Modest Overnight Weakness on Oil and Corporate Issuance.
It's as good of a day as any to revisit our primer on corporate debt issuance given that it's having an impact on bonds today. Alphabet announced a $25bln bond offering around 7:45am ET, and yields instantly moved 2bps higher. Before that, there was nearly 2bps of weakness as bonds followed oil prices modestly higher. Since the start of the domestic session, things have been calm. Econ data was a non-event. Both MBS and Treasuries are holding near yesterday's weakest levels (not a huge deal considering the narrow range). Lastly, this could simply be viewed as a quick, token pull-back ahead of jobs report Friday.
Bonds Shake Off Mid-Day Weakness to Hold Mostly Steady
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Aug 06 | |||||
| 5:30AM | Jul Challenger layoffs (k) | Jul | 33.429K | 45.849K | |
| 8:30AM | Jul/25 Continued Claims (k) | Jul/25 | 1801K | 1790K | 1782K |
| 8:30AM | Aug/01 Jobless Claims (k) | Aug/01 | 199K | 202K | 197K |
| 8:30AM | Q2 Unit Labour Costs QoQ Final | Q2 | 1.3% | 2.1% | 1.8% |
| 9:20AM | NY Fed Bill Purchases 4 to 12 months (%) | $3.453 billion | |||
| 5:30PM | Fed Musalem Speech | ||||
| Friday, Aug 07 | |||||
| 8:30AM | Jul Participation Rate | Jul | 61.5% | ||
| 8:30AM | Jul Unemployment rate mm (%) | Jul | 4.2% | 4.2% | |
| 8:30AM | Jul Non Farm Payrolls (k) | Jul | 80K | 57K | |
| 8:30AM | Jul Average earnings mm (%) | Jul | 0.3% | 0.3% | |
| 10:00AM | Fed Barkin Speech | ||||
| 11:00AM | Jul Consumer Inflation Expectations | Jul | 3.7% | ||
| 3:00PM | Jun Consumer credit (bl) | Jun | $10.5B | $-0.18B | |
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