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Bond Markets Remain Under Pressure after Stronger Factory Orders Data
Posted to: Micro News
Tuesday, June 03, 2014 10:07 AM
- April Factory Orders +0.7 vs +0.5 pct
- March revised to +1.5 from +0.9
- Durable Goods (April) revised to +0.6 from +0.8
- April Factory Orders excluding defense spending +0.1 vs +1.1 in March
Despite some mitigating factors in the internals, the headline and the revision to March are strong enough to add some pressure to already-pressured bond markets. The reaction is most noticeable in Treasuries, which are now up to 2.568 in 10yr yields. Fannie 3.5 MBS are down 8 ticks on the day, but only 2 of them since early rate sheet print times.
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