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Bond Markets Losing Ground After Stronger Housing Starts Data
Posted to: Micro News
Friday, May 16, 2014 8:40 AM
The overnight session was uneventful for Treasuries, with a narrow 2.49-2.51 range. They reached the domestic session almost perfectly unchanged, and MBS also opened in line with yesterday's close. Both are losing ground following the stronger-than-expected Housing Starts data.
- April Housing Starts 1.072 million vs 980k forecast
- March revised to 947k from 946k
- Building Permits 1.080 million vs 1.010 million forecast
- Building Permits highest since June 2008
- Single Family Starts only +0.8, Multifamily +39.6
10yr yields are up to 2.513 from 2.49 before the data. Fannie 3.5 MBS moved down from 102-18 to 102-13.
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