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Bond Markets Unchanged Overnight: Post-Data Rally Short-lived
Posted to: Micro News
Friday, October 25, 2013 9:09 AM
MBS and Treasuries are currently returning to 8:30am levels after rallying modestly on the Durable Goods numbers. Those 8:30am levels were just slightly better than unchanged and we operate close to unchanged currently.
Overnight Treasuries traded in a super narrow range of 2.5 to 2.522. This sets us up to keep on eye on potential resistance at 2.50 if we happen to rally back. 10's are currently at 2.5161 while Fannie 3.5s are up 3 ticks at 102-20.
There are two remaining economic reports this morning with only Consumer Sentiment at 9:55am standing much of a chance to influence trading levels. Beyond that the stock lever has been in play and likely will continue to be today during the morning hours (meaning that pronounced moves higher or lower in stock prices should translate somewhat to higher or lower bond yields respectively).
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