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Strong Philly Fed Data Reinforces Bounce Toward Weaker Levels
Posted to: Micro News
Thursday, July 17, 2014 10:08 AM

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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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Mortgage Rates:
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  • 15 Yr FRM 2.98%
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  • Jumbo 30 Year Fixed 3.48%
MBS Prices:
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  • 30YR FNMA 5.0 110-15 (0-01)
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  • 30YR FNMA 5.5 111-32 (-0-02)
Recent Housing Data:
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  • Refinance Index 15.85%
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  • Purchase Index 0.23%