Published Date 5/10/2024
Yesterday rates got a boost on weekly jobless claims hitting a nine-month high and the 30 year bond auction met with strong demand. The 10 year note -4 bps, MBS prices +18 bps. This morning the 10 at 9 am +3 bps and MBS prices -15 bps. This week the economic calendar was almost non-existent, weekly claims yesterday and this morning the University of Michigan consumer sentiment report at 10 am ET.
The economy, based on a couple of recent reports, is slowing. Both the Conference Board’s consumer confidence index and the final April University of Michigan sentiment index showed a marked decline in consumers’ thinking. A little more than anecdotal but neither have inflation reports. That comes next Tuesday and Wednesday when April PPI (Tuesday) and CPI (Wednesday). Next week’s calendar has a lot of key data after this week’s lack of news and treasuries trading in narrow ranges.
At 9:30 am the DJIA opened +95, NASDAQ +34, S&P +13. 10 year at 9:30 am 4.49% +3 bps. FNMA 6.0 30 year coupon -13 bps from yesterday’s close and +13 bps from 9:30 am yesterday; the 6.5 coupon -9 bps from yesterday’s close and+9 bps from 9:30 am yesterday.
At 10 am the University of Michigan consumer sentiment index thought to be at 77.0 from 77.2 two weeks ago, the index dropped to 67.4. More evidence that consumers are getting edgy.
This afternoon at 2 pm Treasury will report the April deficit, expected at -$236.0B unchanged from March.
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Source: TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
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