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Rates Move Higher; Pre-Fed Paralysis Despite Some Interesting Data

Rates Move Higher; Pre-Fed Paralysis Despite Some Interesting Data

Pre-Fed Paralysis Despite Some Interesting Data Retail Sales down 1.3% and last month revised up to 0.9%? Core Producer Prices rising 0.7% in a single month (versus 0.5% forecasts). How about the eye-watering year-over-year Core PPI number at 4.8%? While there was perhaps a brief reaction to the 8:30am econ data, it was small and--well, brief. Bonds spent the entire day trading almost perfectly flat. We're left to conclude the market has taken its proverbial seat in advance of tomorrow's Fed announcement. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Retail Sales -1.3 vs -0.8 f'cast, +0.9 prev Core Producer Prices y/y 4.8 vs 4.8 f'cast, 4.1 prev NY Fed Manufacturing 17.4 vs 23.0 f'cast, 24.3 prev Builder Confidence 81 vs 83 f'cast, 83 prev NY Fed manufacturing 17.4 vs 23.0 f'cast, 24
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