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Bond Market Update

  • The Market at 15:06 ET

    10-Year: +6/32…2.26…EUR/USD: 1.1202USD/JPY: 111.73

    Treasury Market Stands Its Ground

    • MBA Mortgage Index for the week ending 5/20: Actual 4.4%, Prior -4.1%
    • MBA 30-year mortgage rate: Actual 4.17%, Prior 4.23%
    • FHFA Housing Price Index: Actual 0.6%, Prior 0.8%
    • April Existing Home Sales: Actual 5.57M, Briefing.com consensus 5.65M, Prior 5.70 (revised from 5.71M)
    • Crude Inventories for the week ending 5/20: Actual -4.43M barrels, Consensus ~-2.4M barrels
    • $13 bln 2-year floating rate note auction: Yield rate 0.05%, Bid-to-cover 2.99, Indirect bid 40.8%, Direct bid 0.8%
    • $34 bln 5-year Treasury auction: High yield: 1.831% (when-issued 1.838%), Bid-to-cover: 2.67, Indirect bid: 68.7%, Direct bid: 8.6%
    • May FOMC Minutes: most participants said that tightening would "soon" be appropriate; balance sheet reinvestment will likely be reduced -- not halted
    • BMO: starting to see signs of weakening in Toronto's housing market
    • Dallas Fed President Kaplan (FOMC voter) (18:00 ET)
    • Minneapolis Fed President Kashkari (FOMC voter) (18:30 ET)