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Almost No Reaction to Stronger Chicago PMI Data
Posted to: Micro News
Wednesday, April 30, 2014 10:00 AM
It looks like Chicago PMI just jumped the shark as a significant market mover. One possible explanation for the lack of interest is that the report has a decent level of correlation with GDP, and GDP came out earlier this month. Whatever the case, bond markets are maintaining their bullish resolve despite the stronger numbers, and stocks are at session lows.
As for the data itself, the index came in at 63.0 vs 56.7 forecast, the second highest reading since 2011. The only higher reading was the colossal surprise back in October 2013 when the index jumped from 56.3 to 66.6.
Bond markets are still near their best levels of the day with 10yr yields down 1.5bps at 2.68 and Fannie 4.0s up 5 ticks at 104-19.
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