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Bonds Down Big, Even Before Data; Obvious Anxiety
Posted to: Micro News
Thursday, September 05, 2013 8:15 AM
Overnight sessions like the one we just had are uncommon, and speak to an almost unique type of anxiety for bond markets. The notion of "the week beginning today" is in full effect as Treasuries simply marched steadily into weaker territory despite cues from related markets.
There was little, if any of the customary influence from Yen, Nikkei, equities futures, bunds, etc, and volume was high will 10yr yields hit new multi-year highs. 10's are up to 2.945 right now. Fannie 4.0 MBS opened more than a quarter of a point lower and are at 102-04 currently.
We're in full defense mode against an ADP beat and counting on a miss in order to reenter yesterday's range.
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