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Rally Reverses, Leaving Bonds Weaker in The Afternoon
Rally Reverses, Leaving Bonds Weaker in The Afternoon
The day began with promise, but devolved into yet another disappointment. After being almost a quarter point higher at 10am, MBS slid to an eighth point loss by the close. 10yr yields were as low as 4.44% early but were as high as 4.48% in the final hour of trading. Just as frustrating as the weakness is the fact that there's no discrete scapegoat in the news or data. That said, oil prices were also moving higher during the bond sell-off. Given the absence of war-related headlines, some traders could be getting antsy due to a lack of progress in the first of Trump and Xi's 2 day meeting. Ahead of the event, there was some speculation that it would be a venue to announce a peace deal.
Rally Reverses Leaving Bonds Weaker in The Afternoon
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, May 14 | |||||
| 8:30AM | Apr Import prices mm (%) | Apr | 1.9% | 1.0% | 0.8% |
| 8:30AM | May/09 Jobless Claims (k) | May/09 | 211K | 205K | 200K |
| 8:30AM | May/02 Continued Claims (k) | May/02 | 1782K | 1790K | 1766K |
| 8:30AM | Apr Retail Sales Control Group MoM | Apr | 0.5% | 0.4% | 0.7% |
| 8:30AM | Apr Retail Sales (%) | Apr | 0.5% | 0.5% | 1.7% |
| 10:00AM | Mar Business Inventories (% ) | Mar | 0.9% | 0.8% | 0.4% |
| 10:15AM | Fed Schmid Speech | ||||
| 1:00PM | Fed Hammack Speech | ||||
| 1:00PM | Fed Bowman Speech | ||||
| 5:45PM | Fed Williams Speech | ||||
| 7:00PM | Fed Barr Speech | ||||
| Friday, May 15 | |||||
| 12:00AM | Roll Date - UMBS 15YR, Ginnie Mae 15YR | ||||
| 8:30AM | May NY Fed Manufacturing | May | 7.5 | 11.00 | |
| 9:15AM | Apr Industrial Production (%) | Apr | 0.3% | -0.5% | |
| 12:00PM | NOPA Crush Report (%) | ||||
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