Logical Weakness After Stronger Data
Tue, Jun 27 2023, 5:11 PM
Logical Weakness After Stronger Data
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.
-
- 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
-
- 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
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.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Source: mortgagenewsdaily.com