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Bond Markets Weaker Overnight, Mostly Holding Ground This AM
Posted to: Micro News
Wednesday, April 9, 2014 9:27 AM

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In addition to the roll which accounted for a 12 tick drop in prices, Fannie 4.0s are down another 5 ticks this morning, which is anywhere from normal to strong considering 10yr yields are .0288  higher.

The overnight session was uneventful for Treasuries in the sense that there were no scandalous headlines or economic reports that caused big movement.  Instead, bonds simply turned weaker.  Part of the weakness is the exhaustion of tradeflow momentum, meaning that the snowball buying seen yesterday finally ran out of snow.

The other piece of the market-movement puzzle is equities markets.  After being more disconnected yesterday, stocks and bonds are once again tracking well with each other overnight and into the stock market open at 930am.

The big events today will be the 10yr Note Auction at 1pm and FOMC Minutes at 2pm.  These are 'big' in the sense of POTENTIAL, but aren't necessarily guaranteed to cause a stir.

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