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Bonds All Bid Up And Nowhere To Go
Bonds All Bid Up And Nowhere To Go
The second half of April had a handful of negative indicators for bonds. These included declines in Fed buying, declines in coronavirus numbers, gravity-defying stocks, and a hefty dose of supply pressure. Despite all that, MBS prices and Treasury yields continue to operate in narrow ranges just shy of record levels.
Sideways Momentum Staying Strong Despite Supply Outlook
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, May 04 | |||||
| 9:45AM | Apr ISM-New York index | Apr | 826.5 | 849.3 | |
| 10:00AM | Mar Durables ex-transpt R mm (%) | Mar | -0.4 | -0.2 | |
| 10:00AM | Mar Nondef cap ex-air R mm (%) | Mar | -0.1 | 0.1 | |
| 10:00AM | Mar Durables ex-def, R mm (%) | Mar | -16.0 | -15.8 | |
| 10:00AM | Mar Factory orders mm (%) | Mar | -10.3 | -9.7 | 0.0 |
| 10:00AM | Mar Durable goods, R mm (%) | Mar | -14.7 | -14.4 | |
| 10:00AM | Mar Factory ex-transp mm (% ) | Mar | -3.7 | -0.9 | |
| Tuesday, May 05 | |||||
| 8:30AM | Mar International trade mm $ (bl) | Mar | -44.4 | -44.0 | -39.9 |
| 8:55AM | w/e Redbook mm (%) | w/e | -12.6 | -11.8 | |
| 8:55AM | w/e Redbook yy (%) | w/e | -9.3 | -8.1 | |
| 10:00AM | Apr ISM N-Mfg PMI | Apr | 41.8 | 36.8 | 52.5 |
| 10:00AM | Apr ISM N-Mfg Bus Act | Apr | 26.0 | 45.0 | 48.0 |
| 11:30AM | 52-Week Bill Auction (bl) | 65 | |||
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