Fed week
January 29. 2024
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–Yields rose Friday in a relatively quiet session, net changes on the week in rate futures were small. On Friday the weakest contracts were the first two reds, SFRH5 and M5, both down 8 at 9629.5 and 9648.5. On the week those two contracts were -0.5. The ten year yield was up 3.1 on Friday to 4.159%. PCE Core prices yoy +2.9%, but just 1.9% six-month annualized, below target.
–Today’s news includes Dallas Fed Mfg expected -11.8 from -9.3 last. Treasury releases its financing estimate for the quarter; QRA is Wednesday. FOMC also Wednesday.
–China’s Evergrande has been ordered to liquidate, but there’s a news bullet this morning: *China to step up support for listed firms, Vice Premier He Says. SOFR and treasuries trading modestly higher this morning; ten year yield currently 4.10%.
