Uncertainty Extended Indefinitely
Uncertainty Extended Indefinitely
Heading into last night's ceasefire expiration, there was a sense that the market would at least have something to provide a directional cue to break the recent range-bound monotony. Instead, not only was the ceasefire extended, but the new deadline is explicitly TBD. This makes the expiration of range-bound monotony similarly uncertain. Today's almost perfectly flat trading session submits itself as evidence. All this having been said, the absence of a deadline doesn't mean things can't change precipitously.
MBS up 3 ticks (.09) and 10yr down 1.9 bps at 4.276
MBS now unchanged and 10yr also unchanged at 4.297
MBS up 2 ticks (.06) and 10yr down 0.3bps at 4.292
Uncertainty Extended Indefinitely
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Apr 22 | |||||
| 7:00AM | Apr/17 Mortgage Market Index | Apr/17 | 303.3 | 281.0 | |
| 7:00AM | Apr/17 MBA Refi Index | Apr/17 | 1023.1 | 966.8 | |
| 7:00AM | Apr/17 MBA Purchase Index | Apr/17 | 175.6 | 159.5 | |
| 10:30AM | Apr/17 Crude Oil Inventory (ml) | Apr/17 | 1.925M | -1.2M | -0.913M |
| 1:00PM | 20-Yr Bond Auction (bl) | 13 | |||
| Thursday, Apr 23 | |||||
| 8:30AM | Apr/11 Continued Claims (k) | Apr/11 | 1820K | 1818K | |
| 8:30AM | Apr/18 Jobless Claims (k) | Apr/18 | 212K | 207K | |
| 9:45AM | Apr S&P Global Services PMI | Apr | 50 | 49.8 | |
| 9:45AM | Apr S&P Global Manuf. PMI | Apr | 52.5 | 52.3 | |
| 9:45AM | Apr S&P Global Composite PMI | Apr | 50.3 | ||
| 1:00PM | 5-Yr Note Auction (bl) | 26 | |||
