Boring, Flat Friday Leaves Focus Where it Should Be

It's hard to overstate just how much potential the upcoming week has in terms of its ability to reiterate a supportive ceiling for rates or even to catalyze the next big move.  Either way, the consolidation range that was defined on a single trading day this past Monday ended up remaining almost perfectly intact for the entire week as if to confirm that the focus is indeed on the coming week--exactly where it should be

Econ Data / Events
    • Core PCE
      • 0.3 vs 0.3 f'cast, 0.1 prev
    • Core Annual PCE
      • 3.7 vs 3.7 f'cast, 3.8 prev (revised down from 3.9)
Market Movement Recap
09:33 AM

Slightly weaker overnight.  Modest push back after data.  10yr up only .3bps at 4.852.  MBS unchanged.

03:50 PM

Flat at sideways to slightly stronger levels.  MBS up 2 ticks (0.06).  10yr down 1.7bps at 4.835.