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Bond Markets Lost More Ground After Chicago PMI
Posted to: Micro News
Friday, February 28, 2014 9:50 AM
As expected, Chicago PMI beat the consensus forecast of 57.0, coming in at 59.8. Bond markets were already on the move ahead of the official release (as the unofficial release is 3 minutes early).
10yr yields are up 4.3bps on the day now and Fannie 4.0s are down 6 ticks. This is not an epic level of selling, and we may be drawing some resilience from month-end tradeflows. There are two more pieces of data coming right up with Consumer Sentiment at 9:55am and Pending Home Sales at 10am.
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