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Holding Moderate Gains After Data
Posted to: Micro News
Thursday, September 12, 2013 9:27 AM
Treasuries were stronger right out of the gate overnight as Yen strengthened and the Nikkei fell. All three moves were over by 10pm and Treasuries held sideways from there, albeit with slight volatility between 2.9 and 2.88.
With Treasuries hitting the domestic session in slightly positive territory, MBS did the same, but to a lesser extent. In fact "same but to a lesser extent" would be a good theme for MBS, in general this week, as they continue to gain less and lose less than Treasuries.
This morning's Jobless Claims numbers provided misdirection and another small dose of volatility. Although the headline was much lower than expected, the Labor Department essentially said "don't pay attention to this one," as they highlighted a computer upgrade that prevented two states from processing Claims.
Whatever initial selling bias that existed at the headline was immediately arrested and bond markets changed course to head into stronger territory. At this point, Treasuries are at their best yields of the overnight or domestic session with 10's at 2.87. Fannie 4.0s are up 6 ticks at 102-20.
The next major calendar item is the 30yr Bond Auction at 1pm.
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