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Stronger Start Thanks to Employment Data
Stronger Start Thanks to Employment Data
Bonds were incidentally and inconsequentially stronger to start the overnight session, but began to see better gains after 7am ET. There were two notable bumps in volume after the 7:30am Challenger job cut data and the 8:30am Jobless Claims data. Of the two, the latter was much more clearly linked to gains. Challenger definitely got a small volume bump, but it's hard to say that the gains weren't already in progress when it came out. The morning's labor market data will be rounded out by the report with the biggest potential (emphasis on "potential") reaction: Job Openings at 10am ET.
Modestly stronger overnight with additional gains after AM data. MBS up almost an eighth and 10yr down 4bps at 4.24
Additional gains after JOLTS data with 10yr down 5 bps at 4.228 and MBS up 5 ticks (.16).
No Whammies on Wednesday
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Feb 05 | |||||
| 7:30AM | Jan Challenger layoffs (k) | Jan | 108.435K | 35.553K | |
| 8:30AM | Jan/31 Jobless Claims (k) | Jan/31 | 231K | 212K | 209K |
| 8:30AM | Jan/24 Continued Claims (k) | Jan/24 | 1844K | 1850K | 1827K |
| 10:00AM | Dec USA JOLTS Job Openings (ml) | Dec | 6.542M | 7.2M | 7.146M |
| 10:00AM | Dec JOLTs Job Quits (ml) | Dec | 3.204M | 3.161M | |
| 10:50AM | Fed Bostic Speech | ||||
| Friday, Feb 06 | |||||
| 10:00AM | Feb Sentiment: 1y Inflation (%) | Feb | 4% | ||
| 10:00AM | Feb U Mich conditions | Feb | 54.9 | 55.4 | |
| 10:00AM | Feb Sentiment: 5y Inflation (%) | Feb | 3.3% | ||
| 10:00AM | Feb Consumer Sentiment (ip) | Feb | 55 | 56.4 | |
| 12:00PM | Fed Jefferson Speech | ||||
| 3:00PM | Dec Consumer credit (bl) | Dec | $8B | $4.23B | |
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