Bonds were slightly stronger in the overnight session and this morning's economic data did little to change that. The initial reaction may have involved a modicum of selling, but it was fully erased by 11:15am. The PM hours saw both stocks and bonds paring long positions for July's final marks. The typical closing bells (3pm and 4pm) accounted for most of the losses. Bonds ultimately gave up all of the overnight gains, but remain close enough to 'unchanged' heading into Friday's big jobs report.
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- Challenger layoffs (Jul)
- 62.075K vs prev 47.999K
- Continued Claims (Jul 19)
- 1.946M vs f'cast 1.960M, prev 1.955M
- Core PCE (m/m) (Jun)
- 0.3% vs f'cast 0.3%, prev 0.2%
- Core PCE Inflation (y/y) (Jun)
- 2.8% vs f'cast 2.7%, prev 2.7%
- Employment costs (Q2)
- 0.9% vs f'cast 0.8%, prev 0.9%
- Inflation-Adjusted Spending (Consumption) (Jun)
- 0.3% vs f'cast 0.4%, prev 0.0%
- Jobless Claims (Jul 26)
- 218K vs f'cast 224K, prev 217K
- Personal Income (Jun)
- 0.3% vs f'cast 0.2%, prev -0.4%
- Challenger layoffs (Jul)
Little changed from stronger overnight levels after data. MBS are up just over an eighth and 10yr yields are down 3bps at 4.345
resilience into late AM hours. 10yr down 4bps at 4.335 and MBS up an eighth
10yr yields still down 1.6 bps at 4.359, but at highs of day. MBS are still up 2 ticks (.06), but at the lows of the day.
weakest levels. MBS unchanged and 10yr down only half a bp at 4.369
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