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Strong Philly Fed Data Reinforces Bounce Toward Weaker Levels
Posted to: Micro News
Thursday, July 17, 2014 10:08 AM
Bond markets were already in the process of pulling back from their best levels of the day with consecutive bounces at 8:50 and 9:27am in Treasuries (around 2.495%). MBS prices were also making the same turn toward weaker levels.
The just-released Philly Fed Index offered further support for the bounce, though it hasn't made for a runaway sell-off just yet. 10yr yields are up to 2.51 (still 3bps lower on the day), and Fannie 3.5s are down to 102-07, still 4 ticks higher on the day.
Here's a run-down of the data:
- Philly Fed business conditions 23.9 vs 16.0 forecast
- New Orders 34.2 vs 16.8 previously
- Employment Index 12.2 vs 11.9
- Business Conditions highest since March 2011
The bond market response may well pick up steam in the coming moments, but for now, there's no reprice risk implication.
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