Markets calm after minor revisions to the Consumer Price Index by the Bureau of Labor Statistics

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Published Date 2/9/2024

There isn’t anything on the calendar today, markets now focusing on next Tuesday’s January CPI. The BLS issued annual revisions to CPI, there was trepidation about the revisions yesterday after last years revisions revealed inflation was stronger than what the month/month report had reported. The revisions were right on what the month/month reports had reported, inflation at 3.3% excluding food and energy. The annual revisions by BLS adjusts monthly reports to take into account seasonal factors, a year ago revisions shook markets and the Fed showing inflation higher than what had been released, this year no major revisions.

The market after the release didn’t change, the 10 year traded unchanged from yesterday at 4.16%, MBS prices unchanged at 9 am.

At 9:30 am the DJIA opened -31, NASDAQ +49, S&P +4. There has been a lot of chatter recently about the S&P and its ability to break above 5.000, on the open 5,004. The 10 year note yield in a thin market began down 2 bps, by 9:30 am the note traded up 2 bps at 4.18%. FNMA 6.0 30 year coupon at 9:30 am -4 bps from yesterday’s close and -12 bps from 9:30 am yesterday.

Iran threating the US with retaliation for the recent strikes against their proxies, this morning crude oil up $5.00/barrel, a big increase.

There isn’t anything the rest of the day that will change much, all focus now on next Tuesday’s CPI inflation data. At 4.18% the 10 year note is knocking on the door at 4.20% the highest yield since mid-December. The rest of the session absent any surprises will be quiet.

Source: TBWS

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