- Retail Sales (April)
- -16.4% vs -12.0% forecast, -8.3% previously
- NY Fed Empire State Index
- -48.5 vs -78.2 previously
Bonds were already in moderately better shape heading into the day, largely following weakness in stocks beginning around 6:30am. Everyone expects weak data. Not only was this Retail Sales report weaker than expected, unlike a few other shockingly bad reports, there wasn't anything redeeming about this one. Bonds have reacted by extending gains, and stocks are extending losses.
10yr yields are now down more than 2 bps at .593% and 2.0 UMBS are up more than an eighth of a point.