(Bloomberg) — Bond investors are heading into another holiday-shortened trading week with few economic data releases or scheduled Federal Reserve speakers.
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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
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Economic data:
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Dec. 30: MNI Chicago PMI; pending home sales; Dallas Fed manufacturing activity
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Dec. 31: FHFA House Price Index; S&P CoreLogic home prices; Dallas Fed services activity
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Jan. 2: MBA mortgage applications; initial jobless claims; S&P Global US manufacturing PMI; construction spending
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Jan. 3: ISM manufacturing/prices paid/new orders/employment; Wards total vehicle sales
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Fed calendar:
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Auction calendar:
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Dec. 30: 13-, 26-week bills; 42-day CMB
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Jan. 2: 4-, 8- and 17-week bills
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