Stunning Display of Holiday Trading Weirdness
Stunning Display of Holiday Trading Weirdness
GDP for Q3 may be ancient history as far as econ data goes, but markets didn't seem to think so in the hour following this morning's release. GDP was much stronger than expected and bonds traded it like it was a legit market mover. But most of the reaction was a holiday-induced amplification of what might have otherwise only caused barely-noticeable weakness in bonds. That point was driven home by the end of the day as both Treasuries and MBS returned to unchanged levels.
Unchanged overnight and no reaction to claims data. MBS unchanged and 10yr down 1/10th of a bp at 4.165
Stunning Display of Holiday Trading Weirdness
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Dec 24 | |||||
| 7:00AM | Dec/19 MBA Purchase Index | Dec/19 | 169.9 | 176.5 | |
| 7:00AM | Dec/19 Mortgage Market Index | Dec/19 | 299.8 | 315.6 | |
| 7:00AM | Dec/19 MBA Refi Index | Dec/19 | 1084.3 | 1148.3 | |
| 8:30AM | Dec/13 Continued Claims (k) | Dec/13 | 1,923K | 1897K | |
| 8:30AM | Dec/20 Jobless Claims (k) | Dec/20 | 214K | 223K | 224K |
| 11:30AM | 7-Yr Note Auction (bl) | 44 | |||
| 2:00PM | Christmas Eve | ||||
| Thursday, Dec 25 | |||||
| 12:00AM | Christmas Day | ||||
