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Bond Markets Weaker Overnight; Little-Changed After ADP Data
Posted to: Micro News
Wednesday, March 05, 2014 8:41 AM

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Compared to yesterday's overnight movement in Treasuries, last night was wholly inconsequential.  10yr yields were almost perfectly sideways in the same range seen in the last 2 hours on Tuesday.  There was a moderate push higher in yield heading into the ADP data with the release itself helping to put an end to the weaker slide.  Whether or not that's a temporary phenomenon remains to be seen as we're still hovering fairly close to pre-ADP levels.

Fannie 4.0s are down 2 ticks on the day at 104-15 and 10yr yields are up 2bps at 2.71. 

Here's a run-down of the data:

ADP Employment

  • ADP +139k vs 160k forecast (Feb)
  • January revised from 175k to 127k




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