(Bloomberg) -- Bond investors are heading into another holiday-shortened trading week with few economic data releases or scheduled Federal Reserve speakers.
Against that backdrop, the Treasury market is close to vanquishing the small gains it has made so far in 2024 as investors grow more wary of President-elect Donald Trump’s agenda and the limited outlook for further interest rate cuts next year.
A Bloomberg index of Treasuries has fallen about 1.7% this month through Dec. 26, leaving it up only 0.4% in 2024. US markets will be closed on Wednesday for the New Year’s Day holiday.
What to Watch
- Economic data:
- Dec. 30: MNI Chicago PMI; pending home sales; Dallas Fed manufacturing activity
- Dec. 31: FHFA House Price Index; S&P CoreLogic home prices; Dallas Fed services activity
- Jan. 2: MBA mortgage applications; initial jobless claims; S&P Global US manufacturing PMI; construction spending
- Jan. 3: ISM manufacturing/prices paid/new orders/employment; Wards total vehicle sales
- Fed calendar:
- Jan. 3: Richmond Fed President Thomas Barkin
- Auction calendar:
- Dec. 30: 13-, 26-week bills; 42-day CMB
- Jan. 2: 4-, 8- and 17-week bills
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