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Bond Markets Back to 'Unchanged' Ahead of Confidence Data
Posted to: Micro News
Tuesday, May 27, 2014 9:33 AM
The weakness seen after this morning's Durable Goods data was fairly short-lived, not to mention fairly shallow overall. There's no overt factor behind the bounce back. Buyers simply stepped in after 10yr yields hit 2.552 for the second time. To that end, we can also suggest that breaks above 2.55 have provided similar cues on several occasions since May 14th.
10yr yields are currently almost perfectly unchanged at 2.534 and Fannie 3.5s are up 2 ticks at 102-18.
The home price data out at 9am was stronger than expected, but had no impact on trading levels. The next potentially significant market mover remains the 10am release of Consumer Confidence.
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