Last week the bond market ran everything once again, and the two numbers that were supposed to steer the week lost to it. The 10-year U.S. Treasury yield (the interest rate the government pays to borrow money for ten years) climbed to 5.34%, its highest level since 2002. A softer inflation report on Wednesday and a weak jobs report on Friday each moved markets for a few hours, and then yields recovered and the moves reversed.
This week has no inflation report and no jobs report. It has minutes from the U.S. central bank, the Federal Reserve (the Fed), on Wednesday, a speech by the Bank of Japan’s governor on Tuesday and Canada’s jobs report on Friday, with an oil story about Iran underneath that has no schedule at all.
With fewer big numbers to react to, bond yield moves may have a bit more weight to set this wee's mood. The daily close, the price at the end of each trading day, keeps score again.