US Treasuries
- Friday’s UST 10y range: 4.125% – 4.195%, closing at 4.15%
- Primary Dealer Holdings of T-Bills Surged at End of November:
High-Grade Bond Sales
- 27 firms raised $23.2 billion in the primary market this week (estimate was $25 billion)
- Largest deal was CVS with a $3 billion 2-part deal
- Bonds have fared well in secondary market, trading 20 bps tighter (according to FINRA Trace)
- Next week: $15 billion of bond sales forecast for the beginning of the week with CPI on Wed (12/11)
Upcoming US Treasury Supply
Tentative Schedule of Treasury Buyback Operations
Jim Bianco joins Bloomberg to discuss the Federal Reserve, Payrolls Report & the Bond Market
From our Arbor Data Science Desk:
In Other News…
Fast Company: The world’s food prices are at a 19-mohnth high. Here’s why
The United Nations’ world food price index rose in November to its highest level since April 2023, recording its biggest gain in 19 months on the back of surging vegetable oil prices, data showed on Friday.
Bloomberg: A Bitcoin Reserve Would Be a Bad Deal for Americans
Government purchases could send the price soaring — while worsening the government’s finances, fueling inflation or both.
Redfin’s economists expect there will be more home sales in 2025, largely due to pent-up demand. But some would-be homebuyers will still be priced out, with home prices climbing and mortgage rates remaining near 7%.
Arbor Data Science:
Upcoming Economic Releases & Fed Speak
- 12/09/2024 at 10:00am EST: Wholesale Trade Sales MoM & Wholesale Inventories MoM
- 12/09/2024 at 11:00am EST: NY Fed 1-Yr Inflation Expectations
- 12/10/2024 at 6:00am EST: NFIB Small Business Optimism
- 12/10/2024 at 8:30am EST: Nonfarm Productivity & Unit Labor Costs
- 12/11/2024 at 7:00am EST: MBA Mortgage Applications
- 12/11/2024 at 8:30am EST: CPI MoM & CPI Ex Food and Energy MoM
- 12/11/2024 at 8:30am EST: CPI YoY & CPI Ex Food and Energy YoY
- 12/11/2024 at 8:30am EST: CPI Index NSA & CPI Core Index SA
- 12/11/2024 at 8:30am EST: Real Average Hourly Earnings YoY & Real Average Weekly Earnings YoY
- 12/11/2024 at 2:00pm EST: Federal Budget Balance
- 12/12/2024 at 8:30am EST: PPI Ex Food and Energy MoM & PPI Ex Food, Energy, Trade MoM
- 12/12/2024 at 8:30am EST: PPI Final Demand MoM & PPI Final Demand YoY
- 12/12/2024 at 8:30am EST: PPI Ex Food and Energy YoY & PPI Ex Food, Energy, Trade YoY
- 12/12/2024 at 8:30am EST: Initial Jobless Claims & Continuing Claims
- 12/12/2024 at 12:00pm EST: Household Change in Net Worth
- 12/13/2024 at 8:30am EST: Import Price Index MoM & Import Price Index ex Petroleum MoM & Import Price Index YoY
- 12/13/2024 at 8:30am EST: Export Price Index MoM & Export Price Index YoY