The Treasury announces how much long-term debt it will sell over the coming quarter.
Not on our calendar
The reads below are for when the Treasury plans to sell more debt than expected. Expect the opposite when the Treasury plans to sell less than expected.
Sectors
Financial ServicesUsually helpsBanks earn more when long-term rates rise.
Real EstateUsually hurtsProperty values fall when long-term rates rise.
TechnologyUsually hurtsMore government borrowing pushes long-term rates up, weighing on growth-priced tech.
UtilitiesUsually hurtsUtilities trade like bonds and fall with them.
Basic MaterialsLittle effectLittle direct link.
Communication ServicesLittle effectLittle direct link.
Consumer CyclicalLittle effectLittle direct link.
Consumer DefensiveLittle effectLittle direct link.
EnergyLittle effectLittle direct link.
HealthcareLittle effectLittle direct link.
IndustrialsLittle effectLittle direct link.
Where each sector’s relative strength sits this week is on the rotation board.
Industries that behave differently from their sector
Banks - DiversifiedUsually helpsBig banks earn more when long-term rates rise above short-term ones.