Monday's trading session ended up being as simple as it was unpleasant. Bonds lost ground somewhat sharply as war-related headlines kept adding up to additional escalation. Highlights include overnight reports of Iran hitting a U.S. warship with missiles, multiple reports of UAE air defenses being activated, and damage/fire at a UAE oil export terminal. While bonds had a few moments of independence, they were broadly driven by rising oil prices associated with the aforementioned headlines.
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- ISM Manufacturing Employment (Apr)
- 46.4 vs 49 f'cast, 48.7 prev
- ISM Manufacturing PMI (Apr)
- 52.7 vs 53 f'cast, 52.7 prev
- ISM Mfg Prices Paid (Apr)
- 84.6 vs 80 f'cast, 78.3 prev
- ISM Manufacturing Employment (Apr)
moderately weaker overnight. 10yr up 3.5bps at 4.41 and MBS down 7 ticks (.22).
Weakest levels after headlines regarding Iran attacking UAE. MBS down 3/8ths and 10yr up 6bps at 4.435
sideways just off weakest levels. MBS down half a point and 10yr up 7.1bps at 4.447
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