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Stronger Manufacturing Data Gives Bond Markets Pause
Posted to: Micro News
Wednesday, April 16, 2014 9:24 AM
Industrial Production and Capacity Utilization data came out stronger than expected just now. Here's the run-down:
- March Industrial Output +0.7 vs +0.5 forecast
- Big revision in February to +1.2 from +0.6 previously
- Capacity Use Rate 79.2 vs 78.7 forecast, highest since June 2008
10yr yields moved relatively quickly to their highest levels of the day. MBS mimicked the move with less conviction, but are still falling on the data. Fannie 4.0s are currently down 5 ticks at 104-11 and Fannie 3.5s are down 6 ticks at 101-03.
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