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Slightly Stronger But There's a Catch
Slightly Stronger But There's a Catch
Bonds had a decent day with MBS up more than a quarter point and 10yr yields down 3bps to 4.54+. While that adds some emphasis to the rejection of a technical breakout above 4.59%, we can't really conclude that it happened for any bond-specific reasons. In fact, we're forced to conclude that bonds are on auto-pilot for the most part and that oil prices are the key input for now. As was the case in June, we know this correlation isn't permanent, but it's been highly reliable during this resurgence of U.S./Iran tensions.
Slightly Stronger But There's a Catch
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Jul 09 | |||||
| 8:30AM | Jul/04 Jobless Claims (k) | Jul/04 | 215K | 218K | 215K |
| 8:30AM | Jun/27 Continued Claims (k) | Jun/27 | 1814K | 1820K | 1814K |
| 9:00AM | Fed Williams Speech | ||||
| 9:20AM | NY Fed Bill Purchases 1 to 4 months (%) | $6.637 billion | |||
| 10:00AM | Jun Exist. home sales % chg (%) | Jun | -2.4% | 3.2% | |
| 10:00AM | Jun Existing home sales (ml) | Jun | 4.09M | 4.20M | 4.17M |
| 1:00PM | 30-Yr Bond Auction (bl) | 22 | |||
| 1:00PM | 30-Year Bond Auction | 5.058% | 5.020% | ||
| 1:30PM | Fed Logan Speech | ||||
| Friday, Jul 10 | |||||
| 12:00AM | Roll Date - UMBS 30YR | ||||
| 12:00PM | WASDE Report (%) | ||||
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