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Chicago PMI Much Weaker Than Expected; Bond Markets Barely Budge
Posted to: Micro News
Thursday, July 31, 2014 9:56 AM
Fannie 3.5s moved up 2 ticks to 101-26 and 10yr yields fell just over 1bp to 2.58 following a weaker-than-expected Chicago PMI.
- July Chicago PMI 52.6 vs 63.0 forecast, 62.6 in June
- Lowest since June 2013
Given the magnitude of that 'miss,' bond markets really haven't recovered much, but we're only 10 minutes into the reaction so far. Ideally, we'd want MBS and Treasuries to dig back in to yesterday's ranges. Anything else simply confirms the negative bias leading up to tomorrow's NFP.
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