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Bond Markets Continue Weaker; Chicago PMI Stronger Than Expected
Posted to: Micro News
Friday, May 30, 2014 9:52 AM
Negative momentum is increasing in bond markets both before and after the just-released Chicago PMI numbers (stronger @ 65.5 vs 61.0 forecast). The data isn't the clear culprit here, but it certainly doesn't stand in the way of preexisting biases toward weakness.
10yr yields are up to 2.484 and Fannie 3.5s are now down 6 ticks at 102-24. Consumer Sentiment is up next at 9:55am, though to reiterate, today likely ends up being less of a data story, and more about tradeflows, technicals, month-end, and positioning for the upcoming week.
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