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Bond Markets Weaker After ISM Non-Manufacturing Data
Posted to: Micro News
Wednesday, June 04, 2014 10:12 AM
The ISM Non-Manufacturing Index is one of the most potent market-movers when it comes to economic data. Today's report was just slightly stronger than expected, but has reinforced the selling pressure.
Here's a run-down of the data:
- ISM Non-Manufacturing PMI (purchasing manager's index--the 'headline' of the data) 56.3 in May vs 55.5 forecast, 55.2 in April
- Business Activity 62.1 vs 60.0 forecast
- New Orders 60.5 vs 58.2 forecast
- Employment 52.4 vs 51.3 forecast
10yr yields are up to new highs for the day at 2.604. Fannie 3.5s have fallen 6 ticks from their highs, but remain 2 ticks up on the day at 102-06. Negative reprices aren't likely on most lenders' radar unless we lose a few more ticks. It can't be ruled out completely any time we're moving lower like this, but prices are only 2-3 ticks off from most lenders' rate sheet print times.
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