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Econ Data Helps, But Resisting Breaks Into The Green
Posted to: Micro News
Tuesday, January 22, 2013 10:57 AM
The weaker-than-expected Existing Home Sales data provided domestic bond markets with their best boost of the morning. True to recent form, equities participated in the move as well with S&P futures falling on the news. MBS rose several ticks, but remain mostly thwarted by Friday's closing levels at 104-04.
The post-data rally for bond markets looks like it's encountered its most meaningful push back just after 10:30am when equities markets managed to put in their most convincing bounce. The stock lever has been well-connected during earnings season and in the absence of more substantial bond-market-specific guidance. But true to form, bond markets aren't following the same magnitude ebbs and flows of stocks.
MBS are 2 ticks off their highs at 104-03 and 10yr yields have risen merely from 1.8488 to 1.8523. Meanwhile S&P's have risen 3 points from their lows. Morning ranges continue to be narrow, but we've been in slightly better shape thanks to data.
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