By the time this week's CPI data came in as expected, it was highly unlikely that the present week would live up to the volatile legacy of the previous two weeks. Thursday's jobless claims / retail sales combo did its best to stir the economic pot, but bonds weren't interested in panicking. Treasuries followed European yields lower overnight and then drifted back toward unchanged levels before ending the day in stronger territory. All told, the entirety of this week's trading session would fit inside NFP Friday from 2 weeks ago... Next week's focus is on Fed Chair Powell in the event he offers any clarification or setting of the stage for the September rate cut.
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- housing starts
- 1.238m vs 1.33m f'cast, 1.329m prev
- building permits
- 1.396m vs 1.43m f'cast, 1.454m prev
- Consumer Sentiment
- 67.8 vs 66.9 f'cast, 66.4 prev
- Consumer Inflation Expectations
- unchanged vs previous
- Consumer Current Conditions
- 60.9 vs 62.7 prev
- lowest since Dec 2022
- housing starts
Modestly stronger overnight but giving up some gains early. MBS up only 1 tick (.03). 10yr down 1.7bps at 3.894.
Some additional weakness after consumer sentiment data. MBS unchanged and 10yr down less than half a bp at 3.907.
Bouncing back a bit. MBS up 3 ticks (.09) and 10yr down 2bps at 3.89
Heading out near the best levels with MBS up 5 ticks (.16) and 10yr down 3bps at 3.881
MBS Market Alerts
