\n Incidental Weakness or a New Trend?
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\n 2 Hours, 37 Min ago
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Incidental Weakness or a New Trend?<\/p>\n
The most interesting thing that happened in the bond market today involved trading levels breaking to just slightly worse levels than last week.\u00a0 Looking back to the beginning of the month, this is starting to look like a trend toward progressively weaker levels. But is it? From a purely technical standpoint, that case could be made, but considering volume, the time of year, and the econ calendar, it’s just as easily chalked up to incidental movement in a narrow range.\u00a0 In fact, all of August’s trading continues taking place well inside the range set by the post-jobs report rally.\u00a0\u00a0<\/p>\n
Export prices mm (Jul)<\/p>\n
0.1% vs 0.1% f’cast, prev 0.5%<\/p>\n
Import prices mm (Jul)<\/p>\n
0.4% vs 0.0% f’cast, prev -0.1%<\/p>\n
NY Fed Manufacturing (Aug)<\/p>\n
11.90 vs 0.0 f’cast, prev 5.50<\/p>\n
Retail Sales (Jul)<\/p>\n
0.5% vs 0.5% f’cast, prev 0.6%<\/p>\n
Retail Sales (ex-autos) (Jul)<\/p>\n
0.3% vs 0.3% f’cast, prev 0.8%<\/p>\n
Retail Sales Control Group MoM (Jul)<\/p>\n
0.5% vs 0.4% f’cast, prev 0.8%<\/p>\n
09:25 AM<\/p>\n
Moderately stronger overnight, but selling off since 8:20am CME open.\u00a0 MBS unchanged and 10yr down less than half a bp at 4.313<\/p>\n
10:57 AM<\/p>\n
Weakest levels.\u00a0 MBS down an eighth and 10yr up 2bps at 4.337<\/p>\n
02:57 PM<\/p>\n
Sideways just off weakest levels.\u00a0 MBS down 3 ticks (.09) and 10yr up 2.2bps at 4.34<\/p>\n