Friday's trading session was the most uneventful of the week. It began with moderate losses in the overnight session in concert with stock market gains. Some traders attributed this to improved odds of avoiding a government shutdown by tonight's deadline. The only scheduled economic data was the Consumer Sentiment report which has fallen by the wayside to some extent as the results are increasingly discounted as being clouded by political affiliations of respondents. Nonetheless, the uptick in inflation expectations was notable and worth a bit of extra weakness in bonds at the time. Even so, bonds remains well within the range set by yesterday's trading. The result is an "inside day" in market jargon, which one could either read as "indecisive" or "boring." We'd lean toward the latter.
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- Consumer Sentiment
- 57.9 vs 63.1 f'cast, 64.7 prev
- 1yr inflation expectations
- up 0.6%
- 5yr inflation expectations
- up 0.6%
- Consumer Sentiment
Moderately weaker overnight in concert with stock market gains. MBS down 3 ticks (.09) and 10yr up 3.4bps at 4.303
Some weakness following uptick in consumer inflation expectations. MBS down 5 ticks (.16) and 10yr up 4.8bps at 4.317
Calm and sideways. 10yr up 2.6bps at 4.296. MBS down 2 ticks (.06)
Losing some ground in PM hours. MBS down 5 ticks (.16) and 10yr up 4.3bps at 4.313
Just a hair weaker. MBS down 6 ticks (.19) and 10yr up 4.8bps and 4.318.
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