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Moving Back Toward Lows After Industrial Production Data; Stronger Stock Open
Posted to: Micro News
Monday, March 17, 2014 9:45 AM

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Bond markets lost a few ticks after the stronger read on Industrial Production out at 9:15am.  Equities markets are moving higher after the cash open at 9:30am, which at the very least isn't helping bonds recover.  Here's the run-down on the data:

Industrial Production and Capacity Utilization

  • Industrial Output +0.6 pct vs +0.1 forecast, -0.2 previously
  • Excluding Auto sector, Industrial Output +0.4 vs +0.1 previously
  • Capacity Utilization 78.8 vs 78.6 forecast
  • Manufacturing +0.8 vs +0.2 forecast, -0.9 previously
  • Full Release

10yr yields are very close to their domestic session highs (2.676 vs 2.683) and Fannie 4.0s are 1 tick off their lows (104-10 vs 104-09).  If there's a silver lining, it's that the we haven't broken beyond those weak points and have shown some resilience compared to a sharper move in equities.  Of course, this could always change, but it looks good for now.

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