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Bond Markets Stronger After First Round of Economic Data
Posted to: Micro News
Thursday, January 16, 2014 9:02 AM

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It was another extremely flat overnight session.  10yr Treasuries again held inside a 2bps range (2.87-2.89 this time) and again began to improve just slightly heading into the 830am data.  Unlike yesterday, today's data was bond-friendly.

Consumer Prices were perfectly on target and not a big market mover.  Jobless Claims were also very close to consensus, but the Continued Claims component was significantly higher.  Take a look:

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Initial Jobless Claims

  • 326k vs 328k forecast, 328 previously
  • Continued Claims 3.03 mln vs 2.848 forecast
  • Continued Claims highest since July 6, 2013
  • Our take on share of market movement: 9/10
  • Full Release

Consumer Price Index

  • CPI +0.3 vs +0.3 forecast
  • Core CPI +0.1 vs +0.1 forecast
  • Our take on share of market movement: 1/10
  • Full Release

Fannie 4.0s were already improving somewhat at the open, but have added another 4-5 ticks since the data, currently up 6 on the day at 103-26.  10yr yields dropped from 2.878 to 2.853. 

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