What to Look for This Week April 27, 2020

Weekly Initial Jobless Claims will once again be a key data point to look for when it releases as usual on Thursday.

The rest of the week is equally busy. On Tuesday, we’ll get a read on how the consumer is feeling via Consumer Confidence for April, while first quarter GDP releases Wednesday. In housing news, the Case-Shiller Home Price Index for February releases Tuesday with March’s Pending Home Sales following on Wednesday. Thursday and Friday bring key manufacturing reports for April via the Chicago PMI and ISM Indexes, respectively.

On Thursday, we’ll also get a look at the Fed’s favorite measure of inflation, Personal Consumption Expenditures, along with Personal Income and Spending for March. And speaking of the Fed, their regularly scheduled two-day meeting will end Wednesday with the usual meeting statement.

Technical Picture

The Fed’s buying of Mortgage Backed Securities continues to stabilize the markets, as Mortgage Bonds are still trading sideways in a range between support at their 25-day Moving Average and overhead resistance at 104.656, which is the all-time closing high for MBS. The 10-year is trading at 0.60% and will likely move lower towards the all-time low of 0.31%.

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