Happy Hump Day - does Wednesday still get that designation on weeks with a Monday holiday? Well if you were to look at yesterday's chart you would notice that the benchmark bond trended down from 10:50 on. This morning, after mixed data from the housing market, the benchmark bond is down 10 basis points. Housing starts came in well above expectations at 1089 vs. expectations of 1040 and greater than previous month's of 1043. On the other hand, building permits came in at 1032 vs. expectations of 1058 and previous of 1052.
This mixed bag of data is still good and is pushing bond prices lower resulting in slightly higher rates. Tomorrow's big data point is weekly jobless claims and expectations are for 300K - last week's expectations missed in a big way. Please feel free to call me if I can help with anything - 702-812-1214. Make today great.