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Slightly Weaker Overnight; Strong Durable Goods Report Didn't Help
Posted to: Micro News
Tuesday, December 24, 2013 9:27 AM
The overnight session wasn't much of a session at all. Whereas we're usually coming in to the US session with 150k 10yr Treasury futures contracts traded on average, we had less than 30k by 7am today.
That suggests we take today's movement with a grain of salt because trading levels are being decided by a fraction of the normal amount of dollars traded.
10yr yields rose relatively quickly heading into domestic hours, moving from 2.93 to 2.95 from 5am to 7am. Treasuries and MBS both spiked to their weakest levels of the day following a stronger-than-expected Durable Goods report.
10's are now up to 2.966, matching those previous highs and Fannie 4.0 MBS are down 5 ticks on the day at 102-29. New Home Sales data is out at 10am.
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