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Slightly Weaker Overnight, Holding Ground After Mixed Data
Posted to: Micro News
Thursday, May 1, 2014 9:00 AM

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The overnight session was very quiet with most of Europe and some of Asia out for May Day.  Treasuries were just slightly weaker to start the session, but not enough for yields to move above yesterday's pre-FOMC levels.

830am brought one positive report and one negative report, leaving bond markets sideways, but slightly improved from the weaker morning levels.

The Bad Data (good for MBS, Treasuries)

  • Jobless Claims 344k vs 319k forecast, 330k previously
  • 4-week average rose to 320k from 317k previously
  • Continued Claims 2.771 million vs 2.708 forecast

The Good Data (bad for MBS, Treasuries)

  • Consumer Spending +0.9 in March vs +0.6 forecast
  • Biggest rise for spending since August 2009
  • Personal Income +0.5 vs +0.4 forecast

These reports have more or less canceled each other out, leaving bond markets sideways at just-barely-weaker levels.  Fannie 4.0s are down 1 tick at 104-24 and 10yr yields are up less than 1bp at 2.657.

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