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Bond Markets Back to Unchanged Levels
Posted to: Micro News
Friday, February 21, 2014 11:24 AM
After moving into weaker territory at the open, bond markets have trudged uneventfully back to unchanged levels. 10yr yields are just barely into positive territory while MBS are +0-00 at 104-02 (Fannie 4.0).
Most of the move took place before the Existing Home Sales data and there was no marked change in the morning's trend after it hit. So that can effectively be ruled out as a significant market mover, if it wasn't already.
Notably, stocks and bonds have improved in concert, so we can conclude some bond-market-specific motivation in the form of the "less-overt" factors we've been discussing this week (corporate bond hedging, tradeflows and technicals). All told, it's still not much movement and volume is lighter than yesterday.
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