Tune Out The Noise

Tune Out The Noise Yesterday's Treasury buyback announcement and today's comments from Bessent make for good drama in financial news, but the actual market impact had run its course within minutes of the initial announcement and we haven't seen solid evidence that the market has continued to care. Rather, the ample evidence is that an overnight oil price spike pushed bond yields higher. Peaks and valleys aligned perfectly. Elevated corporate issuance lingers constantly in the background causing broad elevation in bonds, but not much of an intraday impulse (even after an afternoon announcement of a big Broadcom bond offering in the pipeline).  Econ Data / Events Continued Claims (Aug)/08 1799.0K vs 1790K f'cast, 1777K prev Jobless Claims (Aug)/15 206.0K vs 210K f'cast, 209K prev Philly Fed Business Index (Aug) 47.4 vs 25 f'cast, 41.4 prev Market Movement Recap 08:52 AM Weaker overnight. 10yr up 4.5bps at 4.691 and MBS down just over a quarter point.  10:52 AM MBS down 7 ticks (.22) and 10yr up 4.4bps at 4.69 03:07 PM MBS down 9 ticks (.28) and 10yr up 4.7bps at 4.693