Posted To: MBS Commentary
Bond markets’ willingness to accept guidance from economic data is in full swing. As discussed in the Day Ahead , this morning offered several more opportunities to demonstrate that willingness. This resulted in a rather logical rally following generally downbeat data. NY Fed’s Empire State Manufacturing was the most downbeat of the bunch, coming in at -1.19 vs +7.0 forecast. 45 minutes later, the Industrial Production numbers dropped -0.6 vs -0.3 forecast. In both cases, the internal components were weak. The only compelling counterpoint was the slide in Industrial Production was largely related to a decline in energy production versus the much colder month of February. Bond markets weren’t too concerned with those counterpoints as they rallied steadily into the NYSE open. They’ve…(read more)
Via:: MBS MID-DAY: More Gains After More Negative Data
Share this article
