St. Regis Bora Bora Review: Views, Bikes and Butlers
The St. Regis Bora Bora is one of several resorts in the region offering overwater villas and a laid-back but luxurious island experience. Is it right for you?
The St. Regis Bora Bora is one of several resorts in the region offering overwater villas and a laid-back but luxurious island experience. Is it right for you?
Home Décor 2023 What’s Hot, What’s Not Santa Clarita Valley Signal
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Bonds Start Strong and Finish Stronger Despite Decent Data Today’s trading action flew in the face of the prevailing reaction function for the bond market. Specifically, an important economic report was stronger than expected, but bonds rallied nonetheless. Today’s video offers a few thoughts to help reconcile the anomaly (spoiler alert: bonds did sell after the data, but had other reasons to move in the other direction for most of the rest of the day. Data ended up being a speedbump for a recovery that happened for other reasons). Econ Data / Events ISM Non-Manufacturing headline 55.1 vs 54.5 f’cast, 55.2 prev prices 65.6 vs 67.8 prev jobs 54.0 vs 50.0 prev Market Movement Recap 09:18 AM Nice rally overnight on technical support and weaker data in Europe. MBS up 10 ticks (.31) and 10yr down 7.7bps at 3.985. 10:05 AM Weaker after ISM data but still positive on the day. MBS up 3 ticks (.09) but down a quarter point from highs and 10yr down 3.7bps but up 5bps from lows at 4.024. 01:15 PM Bonds battling back to best levels of the day now. 10yr down 9bps at 3.971. MBS up 3/8ths of a point. 04:30 PM Resilience/recovery continues into the close. MBS up almost half a point. 10yr yield down 10.2bps at 3.96.
Unfriendly Breakout Driven by Data Bond yields had been pushing up against 3.98% (10yr Treasury) for the past 4 days. Granted, today’s 3pm close only saw an increase to 3.99%, but any breakout is a bad breakout when we’re looking for signs of resilience. Unfortunately, a true correction was and is only possible when and if economic data says so. In today’s case, economic data at home and abroad suggested caution when it comes to hoping for such a correction. EU inflation stayed hot and ISM Manufacturing Prices rose by much more than expected. Ultimately, these are lower tier market movers relative to the big-ticket reports coming up in the next 2 weeks. If those big-ticket reports tell another story, rates could just as easily move in the other direction. Econ Data / Events ISM Manufacturing 47.7 vs 48.0 f’cast, 47.4 prev ISM Prices Paid 51.3 vs 44.5 f’cast Market Movement Recap 09:07 AM Slightly weaker overnight. Month-end/new-month tradeflows and EU inflation data. 10yr up 2.7bps at 3.955. MBS down 6 ticks (.19). 10:24 AM Additional weakness after ISM data. 10yr up 6.5 bps at 3.993. MBS down 3/8ths. 01:20 PM After a brief recovery, bonds are back in line with levels from the previous update (10yr at 3.99+ and MBS down about 3/8ths) 04:59 PM Generally sideways all day after hitting the weakest levels just after 10am. 10yr going out the door at 3.998 and MBS still down 3/8ths.
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5 Minutes of Selling, Then Sideways All Day Bonds were moderately weaker overnight with EU inflation data leading the way. Domestic data at 8:30am added to weakness with just 5 minutes of serious selling that ended at 8:35am. 10yr yields hit their 3pm closing mark almost exactly in line with those 8:35am levels (4.075). MBS ended up outperforming throughout the day and almost made it back to their pre-data levels–at least when we look at 5.5 coupons. Econ Data / Events Jobless Claims 190 vs 195 f’cast, 192 prev Q4 Unit Labor Costs 3.2 vs 1.6 f’cast, 1.1 prev Market Movement Recap 08:50 AM Gradually weaker overnight with twice as much selling after the 8:30am data. 10yr up 8bps at 4.075 and MBS down half a point. 12:25 PM Sideways and choppy after initial losses. MBS down 10 ticks (.31) in 5.5 coupons (the half point loss in the AM was in 5.0 coupons). 10yr up 9bps at 4.083. 02:28 PM Fairly flat since initial selling spree. MBS still down 10 ticks (.31) and 10yr now up only 7.5bps at 4.069.
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More Signs of Resilience Amid Month-End Buying Spree It was a generally resilient day for the bond market after a bit of a scare in the morning. European inflation data caused a sell-off in EU bonds that spilled over to Treasuries overnight. Selling continued in the first few hours, but bonds began to recover after a slightly weaker Chicago PMI report. A calm, sideways mid-day gave way to stronger buying as month-end trades crowded in before the 3pm CME closing bell. Month-end buying aside, bonds were already showing a good amount of resilience by holding their ground in spite of the European influence. Econ Data / Events Case Shiller Home Prices -0.5 vs -0.5 f’cast/prev FHFA Home Prices -0.1 vs -0.1 prev Chi PMI 43.6 vs 45.0 f’cast Consumer Confidence 102.9 vs 108.5 f’cast, 106.0 prev Market Movement Recap 08:39 AM Moderately weaker overnight with Europe leading the way. Slight recovery early. 10yr up 2bps at 3.943. MBS down 3 ticks (.09). 12:31 PM Nice bounce back after 10am. 10yr up only 1.2bps at 3.934. MBS down only 1 tick (0.03). 03:23 PM Progressively stronger into the 3pm CME close with month-end buyer helping yields turn green. 10yr near unchanged on the day. MBS down only 1 tick (0.03).