Yesterday's Recap
- Snowball Selling
- All Data unfriendly, higher than expected CPI leads the charge
- lost almost a full point in 4.5's
- S&P breaks several tech ceilings
- 10yr backs up BIG TIME to 3.63
The AM So Far
- Chase Earnings Kill It
- Jobless Claims in at 522k, continuing claims drop big
- BUT Buy the rumor sell the truth? Because MBS and Tsy's have not reacted as you'd expect
- Dipped initially on the release, but back at 99-12 on 4.5's
- Even the objective data sources are noting claims are distorted by uncharacteristically low auto industry layoffs
2s vs. 5s: 147bps
2s vs. 10s: 259bps
5s vs. 10s: 112bps
Crude: 60.97
MBS Market Alerts
