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Bond Markets Shoot to Weakest Levels Following ISM; Negative Reprice Risk Increasing
Posted to: Micro News
Monday, May 5, 2014 10:04 AM
- ISM Non-Manufacturing 55.2 vs 54.1 forecast
- Business Activity 60.9 vs 54.4 forecast
- New Orders 58.2 vs 53.4 forecast
- Employment Index declined slightly
Bond markets saw their fastest-paced movement of the morning on this data with 10yr yields rising to just over 2.60 at the moment and Fannie 4.0s falling into negative territory, down 2/32nds at 105-01.
This is 5/32nds lower than rate sheet print times for some early lenders, and Fannie 3.5s are 6/32nds lower, making negative reprice risk a slight possibility already.
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