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First Move is Slightly Stronger after ISM Data
Posted to: Micro News
Thursday, April 3, 2014 10:09 AM

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Today's most important piece of economic data--ISM Non-Manufacturing--is out with slightly weaker than expected results. 

  • Headline component PMI at 53.1 vs 53.5 forecast, 51.6 previously
  • Business Activity 53.4 vs 55.2 forecast
  • New Orders 53.4 vs 51.3 previously
  • Employment 53.6 vs 47.5 previously

If anything is holding the data back from having more of a positive impact, it's the notable uptick in the employment sub-component.  Even so, with Business Activity coming in at the lowest levels since June 2013, it's helped bond markets hold their ground at the very least, suggesting the longer-term range can continue to hold into tomorrow's NFP data.

The day is still a bit young to count on that being the case, but the first reaction is positive in any event.  Fannie 4.0s are up 2 ticks on the day at 103-22 and 10yr yields are down 1bp at 2.7935.  Both are still inside TODAY'S trading range, though they're very close to the stronger side.

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