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Bond Markets Improve After Ugly New Home Sales Data
Posted to: Micro News
Wednesday, April 23, 2014 11:22 AM
New Home Sales bombed. Here's the run-down and a chart
- New Home Sales for March 384k vs 450k forecast, 449k previously
- 14.5 pct decline, biggest drop since July 2013 (when rate spike hit the numbers)
- Midwest fared worst -21.5, Northeast improved 12.5 pct
- Supply jolts higher to 6.0 months worth, 5.0 months previously
- Median prices hit record high of $290k
Bond markets moved to their best levels of the day immediately following the data, but not aggressively so. Stocks also fell, but are already bouncing back. Bond markets aren't following the bounce though, instead holding near their best levels.
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10 yr yields are down 3.3bps on the day at 2.693 and Fannie 4.0s are up 6 ticks at 104-10.
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