Yields flat to up 2bps with curve steeper to start the day, 2Y at 4.88% and 2Y at 3.985%. Overnight the RBA was on hold at 4.1% for 2nd straight meeting, which was a bit of a dovish surprise. Elsewhere in Asia, China data continues to skew week. European PMI's looked ok. Today we get JOLTS which is of interest to the "data-dependent" FOMC. On the calendar is JOLTS, construction spending, ISM Mfg. today. Looking ahead, the size of Treasury Coupon issue to be announced tomorrow is an under-looked area of market focus.
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One Big Beautiful Blog Why is this blog One Big Beautiful Blog? Well the plan for this blog was to write "the definitive guide to finan...
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Another day, another dollar for the top dog with the gold flea collar - that's the S&P & Nasdaq which both set yet another all-t...
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For the rest of the week, I’m going to start my post with a quote from the same book. If you can guess the book without the help of Google o...
U.S. yields tracking higher ahead of data. 10Y yield back above 4%
ReplyDelete10am data seems to largely miss. Job openings fall to 9.58mm below estimates. ISM Mfg at 46.4, improving from June but below estimates. ISM Prices Paid declines while new orders improve.
ReplyDeleteConstruction spending rose 0.5% v. 06% est.
Yields remain higher on the day
interesting commentary from Claudia Sahm on her own rule. It's worth a read
ReplyDeletehttps://stayathomemacro.substack.com/p/the-sahm-rule-i-created-a-monster