US Treasuries
- Monday’s UST 10y range: 4.26% – 4.365%, closing 4.27%
Upcoming US Treasury Supply
- $70 Billion 5y Note Auction, Tuesday, 11/26/24
Tentative Schedule of Treasury Buyback Operations
From our Arbor Data Science Desk:
CNBC: Data centers powering artificial intelligence could use more electricity than entire cities
The electricity consumption of data centers has exploded along with their increasingly critical role in the economy in the past 10 years, housing servers that power the applications businesses and consumers rely on for daily tasks.
Intraday Commentary from Jim Bianco
Back to zero
The reason the curve above is back to zero is the 10-year has rallied back from 4.50% to 4.35% while the 2-year is holding steady.
Why is the 2-year not moving? Still effectively at 50/50 for a December 18 rate cut. Short rates are waiting for Fed talk or data to go one way or the other.
In Other News…
Betanews: Supply chain attacks up over 400 percent since 2021
A new report from cyber insurance provider Cowbell shows that supply chain attacks have increased by an astounding 431 percent since 2021.
Bloomberg: ‘Risky Strategy’: Private Colleges Slash Tuition to Stay Viable
Described as tuition “resets,” struggling institutions are making the moves as families increasingly question the value of high-cost degrees from anywhere except the most elite universities.
More than 100 schools across the US have slashed tuition prices over the last decade.
As the Holiday Season begins…
CBS News: Record-breaking travel numbers expected this Thanksgiving, AAA says
The auto club predicts that nearly 80 million Americans will hit the skies, roads, tracks and seas.
These record-setting traveler numbers are being driven by economic growth, declining inflation, and strong income gains, which are expected to boost consumer spending by 4.6% compared to this time last year, according to AAA.
Arbor Data Science: Going Home for the Holidays by Sam Rines
Bloomberg: Coffee Prices Surge to Highest Since 1997 on Supply Fears
Coffee futures in New York climbed to the highest since 1997 on worries about crops in top growers, threatening to further raise costs for roasters and consumers.
Upcoming Economic Releases & Fed Speak
- 11/26/2024 at 8:30am EST: Philadelphia Fed Non-Manufacturing Activity
- 11/26/2024 at 9:00am EST: FHFA House Price Index MoM & House Price Purchase Index QoQ
- 11/26/2024 at 9:00am EST: S&P CoreLogic CS 20-City MoM SA & S&P CoreLogic CS 20-City YoY NSA & S&P CoreLogic CS US HPI YoY NSA
- 11/26/2024 at 10:00am EST: New Home Sales & New Home Sales MoM
- 11/26/2024 at 10:00am EST: Conf. Board Consumer Confidence & Conf. Board Present Situation & Conf. Board Expectations
- 11/26/2024 at 10:00am EST: Richmond Fed Manufact. Index & Richmond Fed Business Conditions
- 11/26/2024 at 10:30am EST: Dallas Fed Services Activity
- 11/26/2024 at 2:00pm EST: FOMC Meeting Minutes
- 11/27/2024 at 7:00am EST: MBA Mortgage Application
- 11/27/2024 at 8:30am EST: GDP Annualized QoQ & Personal Consumption
- 11/27/2024 at 8:30am EST: GDP Price Index & Core PCE Price Index QoQ
- 11/27/2024 at 8:30am EST: Advance Goods Trade Balance & Wholesale Inventories MoM & Retail Inventories MoM
- 11/27/2024 at 8:30am EST: Durable Goods Orders & Durables ex Transportation
- 11/27/2024 at 8:30am EST: Cap Goods Orders Nondef Ex Air & Cap Goods Ship Nondef Ex Air
- 11/27/2024 at 8:30am EST: Initial Jobless Claims & Continuing Claims
- 11/27/2024 at 9:45am EST: MNI Chicago PMI
- 11/27/2024 at 10:00am EST: Personal Income & Personal Spending & Real Personal Spending
- 11/27/2024 at 10:00am EST: PCE Price Index MoM & PCE Price Index YoY
- 11/27/2024 at 10:00am EST: Core PCE Price Index MoM & Core PCE Price Index YoY
- 11/27/2024 at 10:00am EST: Pending Home Sales MoM & Pending Home Sales NSA YoY
- 12/02/2024 at 9:45am EST: S&P Global US Manufacturing PMI
- 12/02/2024 at 10:00am EST: Construction Spending MoM & ISM Manufacturing
- 12/02/2024 at 10:00am EST: ISM Prices Paid & ISM New Orders & ISM Employment
- 12/02/2024 at 3:15pm EST: Waller Gives Keynote at Fed Framework Conference
- 12/02/2024 at 4:30pM EST: Williams Gives Keynote Remarks