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Bond Markets Slightly Weaker after ADP Employment; GDP Coming Up
Posted to: Micro News
Wednesday, April 30, 2014 8:22 AM

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The on-again off-again ADP Employment report came in 10k over consensus at 220k with the previous report revised up to 209k from 191k.  There was a time in mid 2013 when this would have made for a bigger reaction, but inconsistencies in the relationship between ADP and the official employment tally from the Bureau of Labor Statistics have muted market reactions of late.  Still, it's put us on the back foot to a small extent heading into GDP.

Treasuries had an uneventful overnight session and were slightly higher just before ADP with 10yr yields at 2.703.  They're now up to 2.7114.  MBS are only 1 tick lower since ADP, from 104-11 to 104-10, but that's 4 ticks lower including the opening weakness.

GDP is up next in 8 minutes, expected to show up at a whopping 1.2%.

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