This morning's Retail Sales report was arguably the biggest-ticket of the week in terms of economic data.  It speaks to the ongoing level of uncertainty that we saw almost no reaction despite a headline of +0.1 vs median forecast of +0.6, at least at first glance.  There were some caveats underneath the headline.  These included fluctuations in fuel prices as well as a substantial positive revision to last month's numbers. In other words, the data may have actually made a decent enough case for "no reaction" in bonds.

Even then, volume was very light and bonds continued looking most willing to take cues from stocks.  That said, we can't say that with utter certainty because stocks didn't do much today either (the conclusion is based on the day's shared peaks/valleys).

Bottom line: it looks like bonds are still waiting for stocks to make their first big move after the narrow consolidation seen over the past 3 trading days.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 4.0
100-04 : -0-01
Treasuries
10 YR
3.1557 : +0.0147
Pricing as of 10/15/18 5:31PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
11:32AM  :  ALERT ISSUED: Bonds Hit Weakest Levels
8:39AM  :  Almost No Reaction to Weaker Retail Sales Data

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Oct 15
8:30 Retail Sales (%)* Sep +0.1 0.6 0.1
8:30 Retail Sales (ex-autos) (%) Sep -0.1 0.4 0.3
8:30 NY Fed Manufacturing Oct 21.1 19.00 19.00
10:00 Business Inventories (% ) Aug +0.5 0.5 0.6
Tuesday, Oct 16
9:15 Capacity Utilization (%) Sep 78.2 78.1
9:15 Industrial Production (%) Sep 0.2 0.4
10:00 NAHB housing market indx Oct 67 67