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Bond Markets Weaker on Putin Comments; What's Econ Data?
Posted to: Micro News
Wednesday, May 7, 2014 9:12 AM

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Earlier this morning--just after 8am--Putin told the OSCE (Organization for Security and Cooperation in Europe) that he is ready to discuss ways to resolve the Ukraine crisis.  This was the only obvious market mover of the entire trading day so far, including Asian, European, and domestic trading sessions. 

Before that, bond markets were walking in the door close to unchanged from yesterday's latest levels.  The overnight session saw 10yr yields bottom-out near 2.58 before they began rising somewhat in the 7am hour. 

After the initial jolt from the Putin comments, Treasuries and MBS haven't done much.  The 830am Productivity and Costs data was inconsequential.  For the record though, here are the stats:

  • Productivity -1.7 vs -1.0 forecast
  • Labor Costs +4.2 vs +2.6 forecast
  • Reuters headline: "Bad weather sinks US first-quarter Productivity"

After the absence of a response to that data, Fannie 4.0s are down 4 ticks to 105-05 and 3.5s are down 5 to 101-31.  10yr yields are up 1.5bps at 2.61.  There's no discernible direction right now, though the weak levels of the morning look to be supportive enough ahead of Yellen's Congressional testimony, coming up at 10am.  In other words, it looks like we're bouncing just a little bit and possible picking up some ground here.

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