Bond markets expect another calm day with no major reports

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Published Date 12/26/2025

This morning rates began unchanged and will likely stay that way through the day. MBS prices started better after increasing 20 bps Wednesday with the 10 year yield declining 4 bps. Stock indexes improved Wednesday, this morning in futures trading the key indexes generally unchanged.

There isn’t likely to be a rate cut in January, looking at comments from various Fed officials recently the Fed remains divided about cutting rates next year. As the year ends the outlook for the economy, employment and inflation is uncertain. The Fed remains data dependent, recent data reports are skewed, delayed and some won’t be reported at all.

Markets will trade all day at normal hours.

There are no economic releases today.

At 9:30 am the DJIA opened -25, NASDAQ -33, S&P +1. 10 year at 9:30 am 4.12% -2 bp. FNMA 5.0 30 year coupon at 9:30 am +8 bps from Wednesday’s close and +24 bp from 9:30 am Wednesday.

Next week’s economic calendar doesn’t have much for the bond market, the key data next week is scheduled on Wednesday: Weekly jobless claims, JOLTS job openings, December consumer confidence from the Conference Board.

Source: TBWS

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