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Market Commentary


Today's Market Commentary

Thursday, February 14, 2013

Initial claims came in at 341k vs. 360k expected while continuing claims were 3114k vs. 3205k expected. This better than expected result helped to put a damper on any major carry-over from overnight flows. During the London session European GDP figures missed the mark across the board signaling the issues in Euro-land are far from over. The Asian session continues to be quiet as holidays, JPY currency moves, and asset allocation shifts combine to create...well nothing. Ten-year notes opened the session at 2.04% and have rallied back to 2.01% while MBS are on spread to duration hedges. Origination remains light on the day, but buyers beyond the FED are few and far between. The 30-year auction came in slightly through WI (3.18%) as investors took advantage of the higher yield. The tug of war between expectations of higher future rates and the current reality that economies across the board are still in rough shape will continue, and thus extra volatility will be injected into the markets.


           








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