Today's bond market rally another tailwind for bonds
What a move in bonds today.
US 10s are now down 10 bps to 1.53% and no one has a great explanation for why. The latest talk centers around Japanese buying, though that seems a stretch.
The day ahead features two US economic reports that could have a further impact. The first is the 1230 GMT release of March housing tarts and building permits. Starts are expected to rebound to 1611K from 1421K after the Feb freeze up. Perhaps more-telling will be permits, which are estimated at 1750K from 1682K in Fed. It's going to be a busy summer for US construction.
The final report of the week is the 1400 GMT release of UMich consumer sentiment. This data point is slowly losing its impact as a market mover because it tends to track politics more than spending habits. In any case, the consensus is 89.0 from 84.9 previously.
