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Fed Brief

  • 05-24-2017 15:02:05 PM ET

    The minutes from the May 2-3 Federal Open market Committee (FOMC) meeting were released  and the bulk of the document was pretty status quo in the sense that it didn't contain any major surprises for market participants. Along those lines: It was noted that the slowdown in first...

Bond Market Update

  • The Market at 15:06 ET

    10-Year: +6/32…2.26…EUR/USD: 1.1202USD/JPY: 111.73

    Treasury Market Stands Its Ground

    • MBA Mortgage Index for the week ending 5/20: Actual 4.4%, Prior -4.1%
    • MBA 30-year mortgage rate: Actual 4.17%, Prior 4.23%
    • FHFA Housing Price Index: Actual 0.6%, Prior 0.8%
    • April Existing Home Sales: Actual 5.57M, Briefing.com consensus 5.65M, Prior 5.70 (revised from 5.71M)
    • Crude Inventories for the week ending 5/20: Actual -4.43M barrels, Consensus ~-2.4M barrels
    • $13 bln 2-year floating rate note auction: Yield rate 0.05%, Bid-to-cover 2.99, Indirect bid 40.8%, Direct bid 0.8%
    • $34 bln 5-year Treasury auction: High yield: 1.831% (when-issued 1.838%), Bid-to-cover: 2.67, Indirect bid: 68.7%, Direct bid: 8.6%
    • May FOMC Minutes: most participants said that tightening would "soon" be appropriate; balance sheet reinvestment will likely be reduced -- not halted
    • BMO: starting to see signs of weakening in Toronto's housing market
    • Dallas Fed President Kaplan (FOMC voter) (18:00 ET)
    • Minneapolis Fed President Kashkari (FOMC voter) (18:30 ET)

The Bond Column

  • 05-19-2017 16:36:36 PM ET

    The Week in Review/Week Ahead

    U.S.Treasury yields fell sharply this week and that helped to depress the U.S. Dollar Index, which fell to a six-month low. Stocks had their biggest fall since last autumn on Wednesday but rallied...

Treasury Yield