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Holding Moderate Losses After First Data
Posted to: Micro News
Tuesday, December 31, 2013 9:35 AM
Bond markets were weaker in the overnight session, but volume was excruciatingly low with Europe out today and tomorrow for the New Year Holiday. Additionally, 10yr yields made another "lower high," hitting 3.002 compared to 3.015 in the previous session and 3.02 in the session before that.
Those highs were seen just after 6:30am and yields have consolidated a bit since then but continue to trade in weaker territory (roughly 2bps or 0.02 higher than yesterday).
MBS are moderately weaker with Fannie 4.0s down 3 ticks (3/32nds or .09375) at 103-02.
This morning's Case Shiller Home Price data was slightly stronger than expected on a seasonally adjusted basis. At first glance, it seems to have coincided with some volume and weakness in bonds, but the alignment isn't perfect. Most of the activity happened in the run-up to the data and "activity" is definitely a stretch in the first place.
That said, I wouldn't rule out a bit more activity surround the Chicago PMI data at 9:45am (keep an eye out for volatility at 9:42am as a hint of a big beat/miss) and the Consumer Confidence data at 10am.
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