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Stronger Overnight as Europe Trades Peace
Stronger Overnight as Europe Trades Peace
European markets definitely got in on the peace deal action yesterday, but they didn't trade it nearly as aggressively as US markets. Why bring this up? There was a fairly obvious shift toward lower oil prices and bond yields overnight, and the most obvious suspect was simply the opening bell for European markets. While obvious, it wasn't too big. 10yr yields are hovering in a range that's 2-3bps lower than yesterday, and still above the lows seen at the beginning of the month.
Gradual Selling Leaves Bonds Only Slightly Stronger
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Jun 16 | |||||
| 8:15AM | ADP Employment Change Weekly | 25.5K | 29K | ||
| 8:30AM | May Import prices mm (%) | May | 1.9% | 1.0% | 1.9% |
| 8:30AM | May Building Permits (ml) | May | 1.413M | 1.42M | 1.423M |
| 8:30AM | May Housing starts number mm (ml) | May | 1.177M | 1.43M | 1.465M |
| 11:30AM | 6-Week Bill Auction (%) | 3.600% | 3.600% | ||
| 1:00PM | 20-Yr Bond Auction (bl) | 13 | |||
| Wednesday, Jun 17 | |||||
| 7:00AM | Jun/12 Mortgage Market Index | Jun/12 | 280.1 | ||
| 7:00AM | Jun/12 MBA Purchase Index | Jun/12 | 176.9 | ||
| 7:00AM | Jun/12 MBA Refi Index | Jun/12 | 848.7 | ||
| 8:30AM | May Retail Sales Control Group MoM | May | 0.4% | 0.5% | |
| 8:30AM | May Retail Sales (%) | May | 0.5% | 0.5% | |
| 10:00AM | Apr Business Inventories (% ) | Apr | 0.5% | 0.9% | |
| 10:00AM | May Pending Home Sales (%) | May | 0.8% | 1.4% | |
| 10:30AM | Jun/12 Crude Oil Inventory (ml) | Jun/12 | -4.5M | -7.228M | |
| 2:00PM | Interest Rate Projection - Longer | 3.1% | |||
| 2:00PM | FOMC Economic Projections | ||||
| 2:00PM | Fed Interest Rate Decision | 3.75% | 3.75% | ||
| 2:00PM | Interest Rate Projection - 1st Yr | 3.1% | |||
| 2:00PM | Interest Rate Projection - Current | 3.4% | |||
| 2:00PM | Interest Rate Projection - 2nd Yr | 3.1% | |||
| 2:30PM | Fed Press Conference | ||||
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