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Almost Comically-Better-Than-Expected Home Sales put Crimp in Rally
Posted to: Micro News
Wednesday, February 26, 2014 10:28 AM
New Home Sales
- January Home Sales 468k vs 400k forecast
- Highest since July 2008
- December revised up to 427k from 414k
- Northeast +73.7 pct, Midwest -17.2, South +10.4, West +11.0
That is an absolutely gigantic beat, and although the data lines up with other regional readings in some regards, the overall movement was altogether opposite most of the Housing data we've seen for January.
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Bond Markets had been rallying nicely and this data has clearly served as the turning point. Stocks and bond yields both turned around and began heading higher after 10am. 10yr yields are still in positive territory on the day and MBS are still up 2 ticks in both 3.5s and 4.0s.
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