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Fake Headlines Moving Markets?
Fake Headlines Moving Markets?
Bonds were almost perfectly flat in the overnight session with yields holding inside a 1.5bp range. Oil prices rose initially, but recovered before the domestic session began. Part of that recovery occurred after headlines said US/Iran negotiations could make a breakthrough according to an Iranian diplomatic source. Social media quickly dubbed the news as "fake," but a legitimate version exists on ria.ru's website. So the news wasn't fake, it was just really really vague and toothless. Even so, bonds reacted to the tune of about 2bps and have been in a choppy, narrow range since then.
A hair stronger after being flat overnight. MBS up 2 ticks (.06) and 10yr yields are up nearly 1bp at 4.295
Uncertainty Extended Indefinitely
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Apr 23 | |||||
| 8:30AM | Apr/11 Continued Claims (k) | Apr/11 | 1,821K | 1820K | 1818K |
| 8:30AM | Apr/18 Jobless Claims (k) | Apr/18 | 214K | 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 | |||
| Friday, Apr 24 | |||||
| 10:00AM | Apr Consumer Sentiment (ip) | Apr | 47.6 | 53.3 | |
| 10:00AM | Apr U Mich conditions | Apr | 50.1 | 55.8 | |
| 10:00AM | Apr Sentiment: 1y Inflation (%) | Apr | 4.8% | 3.8% | |
| 10:00AM | Apr Sentiment: 5y Inflation (%) | Apr | 3.4% | 3.2% | |
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