Good Friday AM,

Weak economic data across the board should have allowed for some additional improvement in rates but alas, the markets and traders who trade them don’t always follow a should have script. I do think after the holiday we have a good chance to see some improvement but for now, let’s hope we can claw back to just unchanged (currently down a dozen bps).

If you are  a bean counter as I am, the data shows less growth than expected (some say due to Omicron) and stacked up as:

• Consumer Sentiment 68.8 vs est of 70.0
• Industrial Production -0.1 vs 0.4
• Capacity Utilization 76.5 vs 77
• Retail Sales -1.9 vs 0.0 Retail Sales Ex Autos -2.3 vs 0.2
• Import Prices -0.2 vs 0.3

Next week will hopefully be brighter.

For now, please remain safe and healthy, enjoy the holiday weekend and first, make today great.