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.
"We think they are days from failure. They think it is a temporary problem. This disconnect is dangerous."
Tuesday, August 1, 2023
Daily Economic Update: August 1, 2023
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U.S. yields down and bull steepening with the 2Y off 4bps to 4.86% and 10Y off a bp to 4.01% with the move on the heels of yesterday afterno...
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As we navigate an increasingly data-saturated world, today we ponder the ultimate goal: the ascent to wisdom . In this blog, we've ofte...
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Month end is here. 2Y is at 4.88% (MTD down 2bps, YTD up 45bps) and 10Y up a bp to 3.96% (MTD up 12bps, YTD up 9bps). China continues to tal...
Edward Quince’s Wisdom Bites: OPV Page 419
“The best business is where no one else competes, where you buy for one cent and sell for a dollar and it's habit-forming and no one e...
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