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Bond Markets Holding In Weaker Territory After Morning Data
Posted to: Micro News
Thursday, December 13, 2012 9:12 AM

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Even though it has led to slightly negative prices, there's been a refreshing amount of connectivity between market movements and economic events OTHER than Fiscal Cliff headlines. Yesterday it was the Fed and this morning it's the data.

While the later is nowhere near the former in terms of impact, it did serve to slightly reinforce/confirm the selling trend in bond markets starting around 6:30am this morning. Before that, Treasuries had a choppy overnight session with 10's first moving lower into the 1.6's and then rising to 1.72 into European hours. Throughout the course course of the European session, German Bunds helped pull Treasury yields back into the 1.6's, but 10's were only able to play that game for so long before getting back to their new favorite game: "selling pressure following significant events."

First it was NFP Friday that marked the bottom of the recent yield range, and then of course, FOMC yesterday provided an even bigger ratcheting movement upward in yield. Traders are going with that flow to a large extent this morning and the fact that Retail Sales had strong internals and Jobless Claims were the lowest in 2 months is not helping.

Bond markets briefly paused at moderately weaker levels following the data, but have since devolved, with 10's up to 1.7178 and Fannie 3.0 MBS down 4 ticks on the morning after opening unchanged. The only other economic report this morning is Business Inventories at 10am. Then the last of the week's Treasury Auctions arrives at 1pm with 30yr Bonds.

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