US Treasuries
- Treasuries rallied (led by the long-end) after a solid 2y Note auction
- Monday’s range for UST 10y: 4.03% – 4.065%, closing at 4.035%
- Monday’s range for UST 30y: 4.67% – 4.71%, closing at 4.675%
- Fed’s Waller: Calls for December Cut, Then Go Meeting-By-Meeting
- Fed’s Daly: Backs December Rate Cut, Citing Vulnerable Labor Market
Bloomberg: The Fed Is Fixated on AI – But Not Ready to Make a Greenspan-Size Bet
Intraday Commentary from Jim Bianco
*US 3Q GDP ADVANCED ESTIMATE REPORT CANCELED
The advanced report means the first release. I guess that leaves the door open to get the Q3 GDP report later on, in what would have been a future revision.
Trump’s not going to like it because the Atlanta Fed GDPNow, which has been tracking the data that has been released, was showing the 3rd quarter was going to be a big number. Now we’ll never know.
In the News
Bloomberg: Apple Cuts Jobs Across Its Sales Organization in Rare Layoff
OilPrice: Permian Gas Wave Sparks Biggest Pipeline Buildout Since the Shale Boom
ZeroHedge: Two Investing Titans Issue The Same Warning
Arbor Data Science: Gold: Time to Address the Downside Risks
Upcoming US Treasury Supply
Upcoming Economic Releases & Fed Speak
- 11/25/2025 at 08:30am EST: Philadelphia Fed Non-Manufacturing Activity
- 11/25/2025at 08:30am EST: Retail Sales Advance MoM / Ex Auto Mom / Ex Auto and Gas
- 11/25/2025at 08:30am EST: Retail Sales Control Group
- 11/25/2025 at 08:30am EST: PPI Final Demand MoM / POPI Ex Food and Energy MoM
- 11/25/2025 at 08:30am EST: PPI Ex Food, Energy, Trade MoM, PPI Final Demand YoY
- 11/25/2025 at 08:30am EST: PPI Ex Food and Energy YoY, PPI Ex Food, Energy, Trade YoY
- 11/25/2025 at 09:00am EST: FHFA House Price Index MoM
- 11/25/2025 at 09:00am EST: House Price Purchase Index QoQ
- 11/25/2025 at 09:00am EST: S&P Cotality CS 20-City MoM SA / YoY NSA / US HPI YoY HSA
- 11/25/2025 at 10:00am EST: Business Inventories
- 11/25/2025 at 10:00am EST: Richmond Fed Manufact. Index / Business Conditions
- 11/25/2025 at 10:00am EST: Conf. Board Consumer Confidence / Present Situation / Expectations
- 11/25/2025 at 10:00am EST: Pending Home Sales MoM / NSA YoY
- 11/25/2025 at 10:30am EST: Dallas Fed Services Activity
- 11/25/2025 – 11/28/2025: Wholesale Inventories MoM
- 11/26/2025 at 07:00am EST: MBA Mortgage Applications
- 11/26/2025 at 08:30am EST: Initial Jobless Claims / Initial Claims 4-Wk Moving Avg / Continuing Claims
- 11/26/2025 at 08:30am EST: Durable Goods Orders / Ex Transportation
- 11/26/2025 at 08:30am EST: Cap Goods Ship Nondef Ex Air / Cap Goods Orders Nondef Ex Air
- 11/26/2025 at 09:45am EST: MNI Chicago PMI
- 11/26/2025 at 02:00pm EST: Fed Releases Beige Book
- 11/29/2025 – 12/11/2025: Fed’s External Communications Blackout
- 12/01/2025 at 09:45am EST: S&P Global US Manufacturing PMI
- 12/01/2025 at 10:00am EST: ISM Manufacturing / Prices Paid / New Orders / Employment