This morning we found ourselves in the uncomfortable position of watching the bond market backtrack on massive gains at the end of the previous week. This is always a risk when the market goes on a big run–especially on a Friday. But rather than continue to erase Friday’s gains, bonds found their footing in the 10am hour as a part of a broader “risk-off” move. [30 year fixed 3.21%]
emphasis added
Tuesday:
• At 9:00 AM ET, FHFA House Price Index for September. This was originally a GSE only repeat sales, however there is also an expanded index. The 2022 Conforming loan limits will also be announced.
• At 9:00 AM, S&P/Case-Shiller House Price Index for September. The consensus is for a 19.3% year-over-year increase in the Composite 20 index for September.
• At 9:45 AM, Chicago Purchasing Managers Index for November.
• At 10:00 AM, Testimony, Fed Chair Jerome Powell, Coronavirus and CARES Act, Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
• At 10:30 AM, FDIC Quarterly Banking Profile, Third quarter.