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Bond Markets Weaker after Stronger GDP and Jobless Claims
Posted to: Micro News
Thursday, December 05, 2013 8:44 AM

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The overnight session was straightforward. Nothing happened. 10yr yields spent almost the entire time between 2.84 and 2.83. No volume spikes, no volatility.

The sideways theme would have likely continued all day if this morning's data was close to consensus, but it wasn't. Initial Claims dropped to 298k vs a 325k forecast and GDP came in at a seemingly boomy 3.6 pct vs a 3.0 pct forecast.

Fannie 4.0s dropped a quick 6 ticks and are currently 8 ticks lower (0.25) on the day at 103-10. 10yr yields are doing battle with 2.87 after approaching the data at 2.848.

So far, MBS are holding inside yesterday's weakest levels, and although Treasuries are not, they are keeping inside 2.87 for now. There are some holes to be poked in the data as GDP drew plenty of strength from another inventory build-up. Consumer spending was also the weakest since the 4th quarter of 2009. On the Jobless Claims front, investors may be willing to discount the move a bit due to the expected seasonal hiring that takes place this time of year.

Combine all that with NFP coming up tomorrow and a fairly brisk selling trend since late November, and the damage thus far, is lighter than you might expect given the magnitude of the data "beats."

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