What to Watch: Build Permits, Housing Starts, Fed Blackout Nears

Rates continue to trade weaker (30YY taps 2.9967 high, 2.9817% last), curves inching steeper: 2s10s +2.200 at 42.054 compared to -9.561 inversion two weeks ago; 5s30s also off inversion: +1.125 at 7.148. Improved overnight volumes with Europe back from extended Easter Holiday weekend, TYM2 just over 375k at the moment.

• Data on tap at 0830ET:
  • Building Permits (1.859M, 1.865M rev); MoM (-1.9%, -1.6% rev)
  • Housing Starts (1.769M, 1.741M); MoM (6.8%, -1.6%)
  • US Tsy $34B 52W Bill auction at 1130ET
• Scheduled Fed speakers:
  • Chicago Fed Evans, Economic Club of NY, no text, Q&A at 1205ET
  • Alert for unscheduled speakers with Fed entering policy blackout late Friday
• Stocks near steady (ESM2 -1.0 at 4385.75) as latest earnings cycle continues. Multiple releases already, most beating estimates except for (Fifth Third and Hasbro). Netflix and IBM expected after the close.
• Geopol risk: Alert for developments on Russia war in Ukraine, knock-on effect to markets. Out Monday: The World Bank cut its forecast for global economic expansion this year on Russia’s invasion of Ukraine and is planning to mobilize a funding package bigger than the Covid-19 response for nations to deal with various resulting and ongoing crises, Bbg.