Thu, Jun 8 2023, 4:17 PM
Claims Data Completely Erases At Least One Day of Higher Rate Expectations
There have been been several days...
Thu, Jun 8 2023, 12:04 PM
If you like low rates, you are often unfortunately rooting for negative economic data. You're not a bad person. Bonds are simply a hedge against eco...
Wed, Jun 7 2023, 3:48 PM
BOC Warns US Rate Market Against Complacency
US rate traders are pretty sure they have the Fed figured out a...
Wed, Jun 7 2023, 1:15 PM
Yesterday, it was the Royal Bank of Australia (RBA) with it's first rate hike after "skipping" a few meetings. Today it was the Bank of Canada (BOC)....
Tue, Jun 6 2023, 3:34 PM
Nothing to See Here
It would be hard to make a case for any other day in the past month being more boring th...
Tue, Jun 6 2023, 10:37 AM
With the week's only top tier economic release hitting on Monday morning, the path of least resistance for the rest of the week is a choppy, sideways ...
Mon, Jun 5 2023, 4:43 PM
Weaker Data Helps Bonds Hold Ground
Bonds remained in selling mode after Friday's jobs report. 10yr yields ...
Mon, Jun 5 2023, 12:29 PM
Bonds began the day in weaker territory but quickly found their footing after softer PMI data. In particular, ISM Services (50.3 vs 52.2) helped 10yr...
Fri, Jun 2 2023, 4:13 PM
What Debt Ceiling? Yields Follow NFP Higher
After being utterly bombarded for weeks, newswire feeds at tradi...
Fri, Jun 2 2023, 2:00 PM
Nonfarm payrolls were up 339k, well above the 190k forecast. At the same time, unemployment rose from 3.4% to 3.7%, well above the 3.5% forecast. Ho...
Thu, Jun 1 2023, 5:04 PM
Data-Driven Rally, But There's Bigger Data Ahead
Yesterday's economic data made for a bit of back and forth ...
Thu, Jun 1 2023, 1:13 PM
Bonds had been hoping for econ data to reinforce a ceiling after a recent run to the highest yields in months and the past few days have delivered. T...
Wed, May 31 2023, 3:58 PM
Domestic Events Mostly Overshadowed by European Influence
While we can trace some of this morning's back and...
Wed, May 31 2023, 1:26 PM
The big news so far this week is the absence of any concrete conclusion to the debt ceiling debate (delivered in box labelled "debt ceiling debate sol...
Tue, May 30 2023, 10:53 PM
Nice Rally With Buyers Back in The Office
Any time bonds make a big (but not necessarily completely justifie...
Tue, May 30 2023, 12:55 PM
Whether it was the economic headwinds implied by the stop-gap debt ceiling proposal or a return to the market among traders who'd pared positions ahea...
Fri, May 26 2023, 2:04 PM
Bonds Diverge Over Data Implications
It's been a consistently bad week for the bond market and this morning'...
Thu, May 25 2023, 4:24 PM
Debt Ceiling Debate Volatility Causing Issues For Bonds
Treasuries sold off in a linear fashion today--much ...
Thu, May 25 2023, 1:35 PM
Despite vague hints of support over the past few days, the bond market is back to the same old tricks seen last week. It's actually a pretty simple t...
Wed, May 24 2023, 4:27 PM
Today is Best Viewed as "In-Range Volatility"
Bonds began the day on the back foot as UK inflation crushed f...
Wed, May 24 2023, 9:25 AM
UK inflation data came in HOT overnight with the core m/m reading up1.3% vs 0.9% f'cast, a far cry from the 0.4% m/m core inflation in the US and anot...
Tue, May 23 2023, 4:49 PM
Debt Ceiling Finally Having an Impact
After several weeks in the news cycle spotlight, the debt ceiling is f...
Tue, May 23 2023, 1:30 PM
Today's most relevant econ data--S&P Global Services PMI--came in at 55.1 versus a 51.5 forecast. In a world where the bond market is generally afrai...
Mon, May 22 2023, 4:24 PM
Why Are We Here And Where Are We Going?
The bond market has entered a lull heading into Memorial Day weekend...
Mon, May 22 2023, 12:53 PM
If you're as determined as we are to avoid reading any more than you need to about the debt ceiling, then the Fed is pretty much the only game in town...
Fri, May 19 2023, 4:14 PM
What The Range Breakout Means For The Outlook
With bonds seeing additional weakness after breaking above 3.6...
Fri, May 19 2023, 11:05 AM
Yesterday's headline was "range breakout?" with a question mark. We only need a change in punctuation to adapt the headline to today's reality. Yiel...
Thu, May 18 2023, 3:44 PM
Range Breakout ?
The day began with data-driven selling pushing 10yr yields up and over the 3.60% range boun...
Wed, May 17 2023, 3:45 PM
For The Bond Market, The Waiting Will Continue
Phrases like "hurry up and wait" and "ho hum day" have been i...
Wed, May 17 2023, 1:04 PM
One would think that the debt ceiling debate would be a key issue for the bond market considering Treasuries are sort of the definitive US government ...
Tue, May 16 2023, 3:36 PM
Breaking Down The Paradoxical Reaction to Retail Sales
Today's Retail Sales headline may have missed the mar...
Tue, May 16 2023, 11:41 AM
Bonds began the day in slightly stronger territory but are in the midst of a paradoxical sell-off following weaker than expected Retail Sales. Weaker...
Mon, May 15 2023, 4:01 PM
Hurry Up And Wait
The bond market is increasingly resigned to the fairly boring task of waiting to find out ...
Mon, May 15 2023, 12:28 PM
While it may be blessing for rates to be flatter and more predictable lately, the fact that the sideways range is close to long-term highs feels more ...
Fri, May 12 2023, 3:36 PM
Bonds Bounce Data Confirms Range Resistance
Yesterday's bounce at 3.35% suggested that the bond market's wil...
Thu, May 11 2023, 4:50 PM
Rally or Resistance?
The bond market rallied on Thursday with 10yr yields dropping about 5bps to just under ...
Thu, May 11 2023, 11:51 AM
The market is definitely in an on-again, off-again romance with bank drama. Today was already shaping up to be an "on-again" day before the open as P...
Wed, May 10 2023, 4:57 PM
Does Today's Data Change The Outlook?
There were a few rate friendly tidbits buried in the CPI data, but for...
Wed, May 10 2023, 12:25 PM
The long awaited CPI data is out and the results could scarcely be less eventful. Core monthly inflation (the most important number for markets today...
Tue, May 9 2023, 4:16 PM
MBS Recover Some Losses Thanks to 3yr Auction
The day began with a strong bond auction in Germany setting th...
Tue, May 9 2023, 12:53 PM
A strong bond auction in Germany set the stage for US bond yields to start the day slightly lower, but sellers have been pushing yields higher steadil...
Mon, May 8 2023, 3:16 PM
Rising Rates Reiterate Relevance of The Range
Bonds were in weaker shape right from the start. Holiday clos...
Mon, May 8 2023, 12:08 PM
The bond market isn't trying on any new hats recently. Yields have been mostly deadlocked between 3.4 and 3.6%.
Econ data has been mixed. Bank...
Fri, May 5 2023, 4:37 PM
Logical NFP Reaction Leaves Range Intact. Bring on CPI
The jobs report has come and gone without offering an...
Fri, May 5 2023, 12:35 PM
ADP, Consumer Confidence labor differential, ISM Manufacturing. Challenger job cuts, Philly Fed, Empire State, Continuing Jobless Claims... These are...
Thu, May 4 2023, 4:40 PM
Asymmetric Risk Ahead of Jobs Report
Bonds spent time on both sides of 'unchanged' today with much of it in ...
Thu, May 4 2023, 11:39 AM
After yesterday's Fed announcement and press conference, longer-term bond yields moved quickly into a position to challenge the prevailing range floor...
Wed, May 3 2023, 4:07 PM
Bonds Like Fed's Dovish Hike
There was really only one option for the Fed today: hike rates by 25bps but sig...
Wed, May 3 2023, 2:00 PM
Recent indicators point to Economic activity expanded at a modest growth pace in spending and production. the first quarter. Job gains have p...
Wed, May 3 2023, 10:42 AM
There were two big potential market movers on the calendar today: ISM non-manufacturing and the Fed announcement. ISM data is out and it is boring (r...
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