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Uneventful Start to What May be an Uneventful Week
Uneventful Start to What May be an Uneventful Week
Without any big ticket events or major news headlines, it was no surprise to see bonds bounce around in a narrower sideways range. Data-free Mondays are often superfluous when it comes to informing the big picture and today was no exception. It might have been even narrower if not for holiday closures in the overnight session (lower volume and lighter liquidity can increase volatility, all other things being equal). MBS underperformed Treasuries in a small but obvious way (MBS lost ground while Treasuries improved), but we're not reading much into that just yet. This week's only hope for inspiration is the Treasury auction cycle--at least in terms of scheduled events--and that means we're probably waiting for May 15th CPI for the next big dose of volatility.
Slightly stronger at the open, but backtracking in the past hour. MBS up 1 tick (.03). 10yr down 1.1bps at 4.503.
Weakest levels of the morning with MBS down 1 tick (.03) and 10yr up only half a bp at 4.509.
MBS underperforming, still at weakest levels, down 2 ticks (.06). 10yr down 2.3bps at 4.489
Uneventful Start to What May be an Uneventful Week
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, May 06 | |||||
| 11:30AM | 52-Week Bill Auction (bl) | 70 | |||
| 11:30AM | 3-Month Bill Auction | 5.250% | 5.250% | ||
| 11:30AM | 6-Month Bill Auction | 5.155% | 5.165% | ||
| 11:30AM | 26-Week Bill Auction (bl) | 70 | |||
| 12:50PM | Fed Barkin Speech | ||||
| 1:00PM | Fed Williams Speech | ||||
| 2:00PM | Loan Officer Survey | ||||
| Tuesday, May 07 | |||||
| 8:55AM | May/04 Redbook yy (%) | May/04 | 5.5% | ||
| 9:00AM | Apr Used Car Prices MoM | Apr | -0.4% | ||
| 9:00AM | Apr Used Car Prices YoY | Apr | -14.7% | ||
| 10:00AM | May IBD economic optimism | May | 44.1 | 43.2 | |
| 10:30AM | NY Fed Treasury Purchases 0 to 1 yrs (%) | $80 million | |||
| 11:30AM | 26-Week Bill Auction (bl) | 75 | |||
| 11:30AM | Fed Kashkari Speech | ||||
| 11:30AM | 42-Day Bill Auction (%) | 5.285% | |||
| 1:00PM | 3-Year Note Auction | 4.548% | |||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
| 3:00PM | Apr LMI Logistics Managers Index Current | Apr | 58.3 | ||
| 3:00PM | Mar Consumer credit (bl) | Mar | $15B | $14.12B | |
| 4:30PM | May/03 API weekly crude stocks (ml) | May/03 | 4.906M | ||
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