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Bond Markets Initially Weaker After 'Near-Consensus' ADP Numbers
Posted to: Micro News
Wednesday, April 02, 2014 8:27 AM
Treasuries were slightly weaker overnight, rising from roughly 2.755 to 2.775 on the approach to the morning's only significant data: the ADP Employment Report. It came in at 191k vs a 195k forecast, but the bigger news was the revision of the previous month from 139k to 178k.
The initial move for bond markets has been weaker, but so far 10's are only up to 2.781--just marginally higher than overnight highs--and Fannie 4.0s are only down to 103-23. It doesn't look like markets are viewing this as grounds for a runaway sell-off nor are stocks looking too interested in a runaway rally. Sideways-to-slightly-weaker momentum continues.
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