Quiet Conclusion to a Raucous Week
Fri, Mar 15 2024, 4:42 PM
For a short while this morning, it looked as if bonds would break up and over the recent 4.32+ ceiling in 10yr yields, but trading calmed down and trended sideways in a narrow range for the rest of the day. It was a calm conclusion to what has otherwise been the most damaging week since October. But don’t let the calm fool you. It’s likely to be calm before the storm considering next week brings a new Fed dot plot for the first time since December 13th.
- Import Prices
- 0.3 vs 0.3 ‘cast, 0.8 prev
- NY Fed Manufacturing
- -20.9 vs -7 f’cast, -2.4 prev
- Industrial Production
- 0.1 vs 0.0 f’cast, -0.5 prev
- Consumer Sentiment
- 76.5 vs 76.9 f’cast, 76.9 prev
- Import Prices
10:18 AM
Modestly stronger overnight, but weaker during domestic hours. 10yr up 2bps at 4.312. MBS down 9 ticks (.28).
12:38 PM
Modest push back after hitting lows around 10am. MBS now down only 6 ticks (.19) and 10yr up only 1bp at 4.3.
02:26 PM
Sideways at barely weaker levels. MBS down 7 ticks (.22) and 10yr up 1.2bps at 4.304
04:41 PM
Same levels as previous update. Same sideways drift.
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