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Bond Markets Weaker Overnight; No Reprieve Into Domestic Session
Posted to: Micro News
Monday, March 31, 2014 9:01 AM

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Treasuries began the overnight session just slightly weaker than Friday's latest levels.  10yr yields moved up 2 bps into European trading hours which characteristically see a glut of increased participation.  There's little to conclude here other than 'Europe woke up and sold bonds,' as there's no overt market-moving data to line up with the movement. 

As far as data that doesn't line up temporally, we had stronger-than-expected Retail Sales in Germany and headlines from the Ukrainian Defense Ministry noting a decrease in Russian troops on the Ukrainian border.

As the domestic session gets warmed up for the day, bond markets continue coping with moderate weakness.   10yr yields are already up 4bps on the day and MBS are outperforming--down only 5 ticks in Fannie 4.0s so far.

The day's only significant economic data comes in the form of Chicago PMI at 9:45am (though it can cause volatility at 9:42am as certain market participants receive the numbers 3 minutes early).

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