Et Tu, S&P PMI?
Et Tu, S&P PMI?
Little has changed between yesterday's close and this morning's early trading. 10yr yields are still several bps under 5%. MBS are still effectively at the highest levels in a month. Tech isn't happy, with futures hugging yesterday's lows ahead of the open. One difference, however, is that we'll get a piece of economic data this morning that had a shockingly big impact on bonds when it came out last month: S&P PMIs. We're still incredulous about the 9/23 sell-off being driven by S&P PMIs, but we haven't seen a better explanation. That said, the jury's out as to whether that's a one-off. It would be very interesting if today's numbers (due out at 9:45 ET) are far from forecast, because whether they're better or worse, we'd definitely be learning something new.
Tech Tanks and Bonds Pick Up The Slack
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Oct 23 | |||||
| 9:45AM | Oct S&P Global Composite PMI | Oct | 57.6 | 58.4 | |
| 9:45AM | Oct S&P Global Manuf. PMI | Oct | 56.0 | 55.5 | 55.9 |
| 9:45AM | Oct S&P Global Services PMI | Oct | 57.9 | 58 | 58.8 |
| 10:00AM | Oct U Mich conditions | Oct | 46.7 | 44.7 | 50.9 |
| 10:00AM | Oct Sentiment: 1y Inflation (%) | Oct | 4.7% | 4.7% | 4.6% |
| 10:00AM | Oct Sentiment: 5y Inflation (%) | Oct | 3.5% | 3.5% | 3.4% |
| 10:00AM | Oct Consumer Sentiment (ip) | Oct | 48.0 | 46.3 | 48.1 |
| Monday, Oct 26 | |||||