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Weaker Start. No New Reasons
Weaker Start. No New Reasons
Another week begins with the frustrating reality of the bond market selling just because there's no reason to buy. To be fair, 2yr yields are unchanged, but longer-dated yields are several bps higher than Friday afternoon. All this despite oil prices being lower and econ data being in line with expectations. At this point, anyone offering rationale for the movement is forced to craft a narrative that fits that movement. In other words, if yields were plummeting, the average bond analyst wouldn't be harping on a laundry list of reasons that bonds are making the incorrect move.
Why Did Bonds Sell Despite Weaker Jobs Report?
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Oct 05 | |||||
| 9:20AM | NY Fed Bill Purchases 4 to 12 months (%) | $1.946 billion | |||
| 9:45AM | Sep S&P Global Services PMI | Sep | 58.8 | 58.7 | 56.5 |
| 9:45AM | Sep S&P Global Composite PMI | Sep | 58.4 | 58.4 | 56.0 |
| 10:00AM | Sep ISM N-Mfg PMI | Sep | 54.9 | 55 | 55.4 |
| 10:00AM | Sep ISM Biz Activity | Sep | 56.5 | 61.7 | |
| 10:00AM | Sep ISM Services Employment | Sep | 50.1 | 47.8 | |
| 10:00AM | Sep ISM Services Prices | Sep | 74.0 | 72.6 | |
| 10:00AM | Sep ISM Services New Orders | Sep | 59.8 | 60.9 | |
| Tuesday, Oct 06 | |||||
| 8:15AM | ADP Employment Change Weekly | 20K | |||
| 8:30AM | Aug Trade Gap (bl) | Aug | $-102B | $-88.6B | |
| 9:05AM | Fed Williams Speech | ||||
| 10:00AM | Oct IBD economic optimism | Oct | 44.5 | 45.6 | |
| 10:45AM | Fed Bowman Speech | ||||
| 11:30AM | 6-Week Bill Auction (%) | 3.970% | |||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
| 7:00PM | Fed Logan Speech | ||||
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