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Bond Markets Quickly Weaker Following ADP
Posted to: Micro News
Wednesday, July 02, 2014 8:21 AM
The overnight session was essentially inconsequential as trading levels hit 8am almost perfectly unchanged. The first source of motivation for bond markets is the just-released ADP Employment report that came in much better than expected.
- ADP June Private Payrolls +281k vs 200k forecast
- Biggest increase since Nov 2012
- May Payrolls unrevised at +179k
Fannie 3.5 are down 7 ticks since the data at 102-09 and 10yr yields are up a quick 2.5bps at 2.59. Now we wait all the way until 10am for the next economic data with even remote significance (even then, it's questionable): May Factory Orders. Then Yellen speaks at 11am.
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