Forget "love." Today data hurts. Durable Goods fired a warning shot at 8:30am. Consumer Confidence and New Home Sales finished the job at 10am. With that, a modestly stronger start gave way to a logical sell-off of moderate proportions. By 11:30am, the losses had run their course and bonds drifted sideways for the rest of the session--perfectly inside the prevailing range.
Econ Data / Events
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- Durable Goods
- 1.7 vs -1.0 f'cast, 1.1 prev
- Durables, nondefense, excluding aircraft
- 0.7 vs 0.0 f'cast
- Durable Goods
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- New Home Sales
- 763k vs 675k f'cast, 683k prev
- Consumer Confidence
- 109.7 vs 104.0 f'cast, 102.5 prev
- New Home Sales
Market Movement Recap
09:24 AM
Decent recovery after initial morning weakness. 10yr down half a bp at 3.717. MBS up 1 tick (.03)
10:07 AM
Weaker after New Home Sales data and consumer confidence. 10yr up 2.2bps at 3.745. MBS down nearly an eighth.
02:48 PM
Flat all afternoon after AM losses. 10yr up 4.5bps at 3.768. MBS down just over an eighth.
MBS Market Alerts
