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Roughly Unchanged as Holiday Effect Persists
Roughly Unchanged as Holiday Effect Persists
Much of the international trading community remains on holiday today, making for lower volume and liquidity in the US. Bonds have managed to mostly shrug off Friday's stronger jobs report--a fact that we'd attribute mainly to the focus on the unemployment rate over the balmy payroll count. Additionally, war-related developments remain near the top of the heap of relevant market movers until their impacts translate more forcefully to economic data. On that note, we'll get ISM Services data this morning and CPI on Friday--both for the month of March. The weekend offered no meaningful changes in the status of the war other than the notion of a 45 day ceasefire being floated, but not yet approved by either side.
A hair weaker overnight but rallying into positive territory in early trading. MBS up 6 ticks (.19) and 10yr down 1bp at 4.332
MBS up 6 ticks (.19) and 10yr down 0.7bps at 4.334
Nothing Else Happened After Initial Selling
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Apr 06 | |||||
| 10:00AM | Mar ISM Biz Activity | Mar | 53.9 | 59.9 | |
| 10:00AM | Mar ISM Services Prices | Mar | 70.7 | 63.0 | |
| 10:00AM | Mar ISM Services New Orders | Mar | 60.6 | 58.6 | |
| 10:00AM | Mar ISM N-Mfg PMI | Mar | 54.0 | 55 | 56.1 |
| 10:00AM | Mar ISM Services Employment | Mar | 45.2 | 51.8 | |
| Tuesday, Apr 07 | |||||
| 8:15AM | ADP Employment Change Weekly | 10K | |||
| 8:30AM | Feb Core CapEx (%) | Feb | 0% | ||
| 8:30AM | Feb Durable goods (%) | Feb | -0.5% | 0% | |
| 9:20AM | NY Fed Bill Purchases 1 to 4 months (%) | $8.071 billion | |||
| 10:10AM | Apr IBD economic optimism | Apr | 48.1 | 47.5 | |
| 11:00AM | Mar Consumer Inflation Expectations | Mar | 3% | ||
| 12:35PM | Fed Goolsbee Speech | ||||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
| 3:00PM | Feb Consumer credit (bl) | Feb | $10B | $8.05B | |
| 5:50PM | Fed Jefferson Speech | ||||
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