Fri, Mar 1 2024, 4:56 PM
Bonds Leading Off in a Friendly Direction
With ISM Manufacturing, Friday brought the only other reasonably i...
Fri, Mar 1 2024, 12:46 PM
We haven't talked enough about ISM Manufacturing this week because Thursday's PCE data was the first report in more than 2 weeks that mattered. Thus,...
Thu, Feb 29 2024, 4:50 PM
It Took a Village (Of Econ Data)
Bonds began the day in weaker territory but rallied after the 8:30am econ d...
Thu, Feb 29 2024, 10:44 AM
Today's most hotly anticipated data was undoubtedly PCE inflation for January. In fact, this is the report that became the subject of our focus and a...
Wed, Feb 28 2024, 4:05 PM
Small Scale Volatility But Very Sideways Overall
There were a few instances of volatility in the bond market...
Wed, Feb 28 2024, 12:05 PM
The bond market may be data dependent (it totally is!), but not just any data will do. You'd be forgiven for thinking that things like "GDP" and "Cor...
Tue, Feb 27 2024, 4:03 PM
Weird Reaction to Durable Goods, But Generally Slow and Sideways
The economic data drought finally began to ...
Tue, Feb 27 2024, 12:28 PM
With apologies to those who follow closely enough to know how frequently this notion has been recycled recently, bonds continue grinding sideways as i...
Mon, Feb 26 2024, 3:55 PM
Auctions Caused Modest Weakness, But Mostly in Advance
As the bond market looks at the 5yr Treasury auction ...
Mon, Feb 26 2024, 10:07 AM
While it may not prove to be the most relevant market mover of the week, the upcoming Treasury auction cycle is at least in the running. This particu...
Fri, Feb 23 2024, 3:28 PM
Strong Friday For Bonds Helps Keep Sideways Vibes Intact
Friday ended up being surprisingly strong for the b...
Fri, Feb 23 2024, 11:44 AM
It was destined to be a mostly boring, sideways week (to whatever extent "destiny" actually has any predictive value). Perhaps it's more fair to say ...
Thu, Feb 22 2024, 3:23 PM
The Drift Continues
Bonds only had a small reaction to the stronger Jobless Claims data, despite the referen...
Thu, Feb 22 2024, 12:14 PM
Rates are "data dependent" and the two biggest pieces of economic data are CPI and the big jobs report. Neither are on today's calendar, but there wa...
Wed, Feb 21 2024, 4:57 PM
Rates Testing Ceilings After Bond Auction and European Weakness
Bonds managed to start the day in modestly s...
Wed, Feb 21 2024, 12:29 PM
Bonds had a generally constructive day to start the holiday-shortened week yesterday, with yields rallying in the morning and ultimately holding modes...
Tue, Feb 20 2024, 4:27 PM
Slow Start as Markets Wait For Inspiration
Bonds got off to a slow start despite the holiday-shortened week....
Tue, Feb 20 2024, 10:20 AM
Bonds were moving with a clear purpose at the end of 2023 before embarking on a small, logical correction at the beginning of 2024. In terms of 10yr ...
Fri, Feb 16 2024, 5:02 PM
Inflation Surprises Delay The Decision
In the short term, it's nice to see that today's massively higher PP...
Fri, Feb 16 2024, 11:56 AM
If CPI is a 10 out of 10 on a scale of economic data that causes bond market volatility, PPI is never more than a 5. It's a good thing too. All it t...
Thu, Feb 15 2024, 4:43 PM
Reasons For Hope And Caution Heading Into 3-Day Weekend
First off, "hope" and "caution" have different meani...
Thu, Feb 15 2024, 9:57 AM
Apart from CPI and NFP there are only a handful of other reports that truly deserve to be considered supporting actors in the current bond market dram...
Wed, Feb 14 2024, 5:22 PM
Refreshing Resilience, But Not Guaranteed
On a positive note, it was refreshing to see the bond market make ...
Wed, Feb 14 2024, 12:20 PM
Wednesday is shaping up to be a victory based on early trading, with bonds pushing back tentatively on yesterday's big sell-off. The emphasis is on t...
Tue, Feb 13 2024, 3:16 PM
Unfortunately, Bonds Did Exactly What They Were Supposed to Do Today
Over the course of the past two weeks, ...
Tue, Feb 13 2024, 9:58 AM
It is a very straightforward morning for the bond market, but not in any sort of pleasant way. There was a lot at stake heading into today's inflatio...
Mon, Feb 12 2024, 3:14 PM
No Way to Know What CPI Looks Like Until We See It
Monday was very much a placeholder in the grand scheme. ...
Mon, Feb 12 2024, 11:00 AM
Have you heard about the Consumer Price Index (CPI)? We can't shut up about it, largely because there's not much to talk about in terms of scheduled ...
Fri, Feb 9 2024, 4:14 PM
Uneventful Ceiling Defense
On a day where 10yr Treasury yields bounced multiple times at the 4.19% technical...
Fri, Feb 9 2024, 1:01 PM
The Consumer Price Index (CPI) is the one thing we wait for after the jobs report comes out. After CPI, the one thing becomes the next jobs report (a...
Thu, Feb 8 2024, 3:30 PM
Bonds Increasingly Look Like They're Waiting For CPI
It wouldn't be the first time and probably won't be the...
Thu, Feb 8 2024, 12:55 PM
It's an interesting little interlude in the story of the bond market as yields wait to find out what's next after (probably) confirming long-term high...
Wed, Feb 7 2024, 5:04 PM
Fed Speakers on Repeat as Bonds Hit Snooze
After several days of heavy volatility, the bond market is drifti...
Wed, Feb 7 2024, 9:35 AM
After rising roughly 2bps yesterday afternoon, bond yields dropped just over 2bps right at the start of the overnight session with buzz surrounding Mo...
Tue, Feb 6 2024, 4:02 PM
Magical Mystery Rally
Whereas the bond market had obvious, individual motivations for all phases of the shar...
Tue, Feb 6 2024, 12:59 PM
When bond yields began spiking abruptly after last Friday's jobs report, one of the immediate saving graces was the fact that the late January highs w...
Mon, Feb 5 2024, 3:23 PM
Big Losses Get Bigger After ISM Data
Bonds sold off again today, but this time in several distinct waves. T...
Mon, Feb 5 2024, 9:55 AM
The bond market continues providing a great example big movement in the "little picture." Right out of the gate, if we examine just a slightly bigger...
Fri, Feb 2 2024, 5:05 PM
Was The Jobs Report Real and What Are The Lasting Implications?
Is Friday's NFP number of 353k versus a 180k...
Fri, Feb 2 2024, 12:43 PM
It's not really an exaggeration to say "no one saw it coming" with respect to this morning's jobs report. NFP hit 353k versus a forecast of 180k. 10...
Thu, Feb 1 2024, 4:08 PM
Best Levels in More Than a Month Ahead of Jobs Report
At one point this morning, 10yr yields were close to b...
Thu, Feb 1 2024, 12:03 PM
It is undoubtedly ironic that the Fed just removed a sentence that had been in the statement since March 2023 regarding the banking system being sound...
Wed, Jan 31 2024, 5:18 PM
Lots of Volatility But Not Much to Do With The Fed
Today was indeed a Fed day and bonds definitely have a tr...
Wed, Jan 31 2024, 2:01 PM
Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. been expanding at a solid pace. ...
Wed, Jan 31 2024, 12:09 PM
In an interesting turn of events this morning, the Treasury refunding announcement has taken a back seat to econ data which has, in turn, taken a back...
Tue, Jan 30 2024, 4:17 PM
Nice bounce back after AM Weakness
Job openings came in higher than expected this morning and immediately pu...
Tue, Jan 30 2024, 12:39 PM
The Job Openings and Labor Turnover Survey (JOLTS) didn't used to matter to the bond market. That changed rather abruptly in the past 2 years as mark...
Mon, Jan 29 2024, 4:37 PM
Solid Start But Data Dependent
Bonds started the day in slightly stronger territory with gains in both Asia ...
Mon, Jan 29 2024, 12:16 PM
Monday is the only day of the present week without any major scheduled economic data. After that, it's game on with the increasingly meaningful JOLTS...
Fri, Jan 26 2024, 3:00 PM
Uneventful Week. How About The Next One?
Sure... rates moved a bit higher this week as the bond market cont...
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