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Bonds Cap Stellar Week/Month With Strongest Close
Bonds Cap Stellar Week/Month With Strongest Close
Bonds ended the week/month at their strongest levels with 10yr yields breaking below the 4.0% floor to close at 3.95+. In addition to the low outright levels, the journey was accomplished with minimal volatility along the way. This is potentially surprising given this morning's much higher PPI numbers, but as discussed in the AM commentary, PPI is notoriously volatile and hasn't had a noticeable impact since 2024. Next week brings the typical early month, big ticket econ data (ISM, ADP, and the jobs report).
No reaction despite balmy PPI. MNS up 1 tick (.03) and 10yr down 2.2bps at 3.982
MBS up 2 ticks (.06) and 10yhr down 3.5bps at 3.969
MBS up 2 ticks (.06) and 10yr down 3.7 bps at 3.967
Bonds Cap Stellar Week With Range Breakout
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Feb 27 | |||||
| 8:30AM | Jan PPI m/m (%) | Jan | 0.5% | 0.3% | 0.5% |
| 8:30AM | Jan Core PPI m/m (%) | Jan | 0.8% | 0.3% | 0.7% |
| 8:30AM | Jan PPI y/y | Jan | 2.9% | 2.6% | 3% |
| 8:30AM | Jan Core PPI y/y (%) | Jan | 3.6% | 3% | 3.3% |
| 9:45AM | Feb Chicago PMI | Feb | 57.7 | 52.8 | 54.0 |
| 10:00AM | Nov Construction spending (%) | Nov | -0.2% | 0.2% | 0.5% |
| 10:00AM | Dec Construction spending (%) | Dec | 0.3% | 0.3% | -0.2% |
| Monday, Mar 02 | |||||
| 9:45AM | Feb S&P Global Manuf. PMI | Feb | 51.2 | 52.4 | |
| 10:00AM | Feb ISM Manufacturing Employment | Feb | 48.1 | ||
| 10:00AM | Feb ISM Mfg Prices Paid | Feb | 59.5 | 59.0 | |
| 10:00AM | Feb ISM Manufacturing PMI | Feb | 52.3 | 52.6 | |
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