|
|
|
|
Correction Continues Despite Tariff Announcements
Correction Continues Despite Tariff Announcements
Bonds were moderately weaker to start the day and continued losing ground in the AM hours. Just after noon, new tariff announcements caused a surge of selling in stocks. There was initially some buying in bonds, but not much, and not for long. Tariffs are a double-edge sword for bonds, as we've seen on several occasions over the past few months and today's version was well balanced, ultimately leaving 10yr yields at similar levels before and after the news. Today's weakness adds to the multi-day correction that began last Wednesday and accelerated after Thursday's jobs report. Bond buyers may remain hesitant until getting through more of this week's Treasury auction cycle.
Modestly weaker overnight with MBS down less than an eighth and 10yr up 2bps at 4.367
Steady weakness continues. MBS now down 5 ticks (.16) and 10yr up 3.4bps at 4.38
Holding sideways near weakest levels in the PM hours. MBS down 5 ticks (.16) and 10yr up 4.6bps at 4.392
Still sideways near weakest levels. MBS down 6 ticks (.19) and 10yr up 4bps at 4.387
Correction Continues Despite Tariff Announcements
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Jul 07 | |||||
| Tuesday, Jul 08 | |||||
| 6:00AM | Jun NFIB Business Optimism Index | Jun | 98.7 | 98.8 | |
| 11:00AM | Jun Consumer Inflation Expectations | Jun | 3.2% | ||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
| 3:00PM | May Consumer credit (bl) | May | $10.5B | $17.87B | |
|
|
|
|
|
