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Uneventful Overnight Session, Limited Response To Data
Posted to: Micro News
Thursday, February 28, 2013 9:07 AM

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US Treasuries were steady-handed in both Asian and European hours overnight. Despite choppier movement in German Bunds and Euros, 10's coasted gently lower in yield into domestic hours. Once again, 1.87+ acted as a short term, mid-range resistance level, leaving 10's at 1.879 at 8am.

Since then, there's been only a moderate reaction to stronger-than-expected Jobless Claims data, mostly offset by weaker-than-expected GDP, at least to whatever extent data is of any concern to this market (and it hasn't been so far this week). 10's moved moderately higher and Fannie 3.0 MBS came off their 103-18 highs but remain 6 ticks higher on the day at 103-16. Equities futures win the "most sideways" award overnight and we're looking forward to the cash open to see if another ambush awaits us (like yesterday).

All that to say that the, while bond markets resisted the intensity of movement suggested by the stock lever, the lever is still very much in play in terms of acting to suggest the direction that bonds move. It's not necessarily a case of motivation traveling strictly downhill from one to the other, but it was certainly the driver yesterday.

Chicago PMI at 9:45am is the next relevant econ data release. Looks like we'll be holding our ground at least into the equities open if not into Chi-PMI data itself. Reassessing from there.

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