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

MARKET INSIGHT

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.
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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.