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Bond Markets Improve After Slightly Weaker ADP
Posted to: Micro News
Wednesday, February 5, 2014 8:33 AM

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The overnight session was fairly uneventful for Treasuries with 10's moving just slightly lower ahead of this morning's ADP Employment data.  MBS opened 1/32nd higher vs yesterday's latest levels.

The ADP numbers were slightly weaker than expected--emphasis on "slightly."  Here are the details:

ADP Employment Report

  • Jan Payrolls +175k vs +180k forecast
  • Dec Payrolls revised to 227k from 238k
  • Jan Payroll improvement is smallest since August
  • Full Report

Perhaps if the headline had been farther away from the consensus, we would have seen more of an immediate reaction, but as it happened, bond markets didn't move much at first.  It wasn't until equities futures began sliding into 8:20am that bond yields made their most pronounced move of the morning. 

The stock lever continues to be quite well connected with stocks and yields bouncing at 8:23am.  10's hit a low of 2.5986 and are currently up to 2.606.  MBS topped out at 105-01 in Fannie 4.0s and are at 104-31+ presently, an eighth of a point higher on the day.

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