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Bouncing Back After Weak ISM Manufacturing Data
Posted to: Micro News
Monday, June 2, 2014 10:06 AM
Bond markets are undoing some of the damage done overnight and/or earlier this morning. MBS are quickly up to their best levels of the day, but only about half-way back to Friday's latest levels. 10yr yields didn't quite make it to this morning's lows, but at 2.495, they're close. Here's a run-down of the data:
- May ISM Manufacturing PMI (purchasing managers' index) 53.2 vs 55.5 forecast
- 'Prices Paid' 60.0 vs 57.0 forecast
- 'New Orders' 53.3 vs 55.1 last month
- 'Employment 51.9 vs 55.0 forecast
After the initial move lower in yield and higher in price, MBS and Treasuries have stalled out for now, waiting either for a bigger bounce back or to be disappointed by how small of a bounce is ultimately produced by this weaker-than-expected data.
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