Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
28,899
# of Forum Posts
 

Send Article via Email

REGISTERED USERS (Free!):
Can forward to 6 email addresses at a time. Register or Login

Registered users also get the additional advantage of Co-branded Emails and Landing Pages. Learn more about these features.

Your Name: 
Your Email: 
I want to forward this to
(Enter Email Address Below) :
Include a Personal Message (optional)

Please add 4 and 2 and type the answer here:
Leave this field blank.
Email Preview Below:
This feature is now 100% free. Learn More About Co-branded Email and our other Co-branded Services.
 
This email was sent to you by:
Harry Chriest |
Mortgage News Daily

Message:   YOUR MESSAGE HERE
Email alerts, such as this one, are a free service provided by Mortgage News Daily. If you would like to receive an alert when important news breaks please register to join our community.
Bond Markets Slightly Weaker After GDP
Posted to: Micro News
Friday, February 28, 2014 9:19 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

Bond markets began the day in slightly weaker territory after stronger data in Europe.  Treasury yields rose in concert with core European debt, but began drifting back toward positive territory into the domestic open. 

MBS and Treasuries crossed the 8am mark at moderately weaker levels and lost more ground after GDP came in close to consensus.  Perhaps market participants were prepared for December's weather to have more of an impact, but that's a stretch. 

Considering the relationship between Europe and US debt overnight as well as the last 5 days of solid gains, it looks more like Treasuries/MBS were "leading off" a bit, and prepared to rally further on the chance of an exceptionally weak result.  While this result it weak compared to the 1st reading, it's close to consensus (.1% away).

US Q4 Preliminary (2nd reading) GDP

  • GDP +2.4 vs +2.5 Forecast, previous reading was +3.2
  • Consumer Spending +2.6 vs +3.3 forecast
  • Business Inventory change adds 0.14 percent, was +.42 pct previously
  • GDP Deflator +1.6 vs +1.3 forecast

On a positive note, Treasury yields have now bounced twice at the exact same ceiling level of 2.6744 in 10's.  It remains to be seen whether that ceiling is sturdy enough to endure, but the 2nd bounce speaks to some willingness to at least consider it.  Upcoming Chicago PMI data may be the next deciding factor, if not the 9:30am cash 'open' in stocks.




More from MND:

 

If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.

Forward this email:  Send a copy of this story to someone you know that may want to read it.

 

More From MND

Mortgage Rates:
  • 30 Yr FRM 4.10%
  • |
  • 15 Yr FRM 3.26%
  • |
  • Jumbo 30 Year Fixed 3.98%
MBS Prices:
  • 30YR FNMA 4.5 107-31 (0-01)
  • |
  • 30YR FNMA 5.0 110-02 (-0-05)
  • |
  • 30YR FNMA 5.5 111-06 (0-00)
Recent Housing Data:
  • Mortgage Apps -2.68%
  • |
  • Refinance Index -3.98%
  • |
  • FHFA Home Price Index 0.67%