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Back to Unchanged Levels as Stocks Slide
Posted to: Micro News
Wednesday, July 16, 2014 11:10 AM

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Economic data has been fairly tame and mostly inconsequential this morning.  If anything, there was some moderate bond market weakness with each of the releases, but trading levels bounced back quickly in both cases.  The only other scheduled event of the morning is also turning out to be fairly uneventful as Yellen fields questions at the House Financial Services Committee testimony without drama so far.

The bigger consideration at the moment is the stock lever.  Stock prices and bond yields have been following each other fairly well since domestic markets opened.  Yellen continues her chat with the HFSC, so if one of the committee members happens to ask something relevant, it's still technically possible Yellen could say something that moves markets. 

Fannie 3.5s just hit unchanged levels on the day, but have since fallen back to 1 tick weaker.  10yr yields made it down to 2.539 and just bumped back up to 2.545--just barely in positive territory on the day.

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