Market Snapshot November 13, 2017
Good Monday A.M.,
I hope you had an exceptional weekend. Mine, courtesy of my wife, included putting together two new toys for our son. I’m not talking about even a bicycle, one of the toys was a scaled down version of an arcade basketball game. Between the two, 8 hours of my life, and a box of band aids, and to show for it, a glance from my son who didn’t play with either toy. In the end, message received, not even sure what I did wrong but after my hands stopped throbbing, I apologized to my wife.
There is no news today, although this will be a busy week. Bonds are slightly better than Friday. We took a few steps back the end of last week and will hopefully find some footing over the next few days. The question is what happens when we get towards the top of this channel. We are about 30bps away from it and if we see some low inflation numbers this week, bonds could get a boost. Both CPI and Retail sales being released. In addition to this week’s data, markets are still digesting the two proposed tax bills from the House and Senate. Tough to see how any tax legislation is done this year (likely a positive for bonds unless the reconciliation leans more towards the House version). Currently the 10-yr is at 2.39% and Mortgage bonds are +4bps.
That’s it for now, make today great!