This week we have a heavy calendar with data on: Home Sales, Markit PMI, CPI, Durable Goods, Home Prices, Personal Consumption and Gross Domestic Product (GDP). Janet Yellen testifies before the Senate (Tuesday) and House of Representatives (Wednesday) this week for the semi-annual Fed Chair testimony, in which she is expected to elaborate on the Federal Reserve’s latest guidance that it can be “patient” in deciding when to raise interest rates as inflation continues to slow and global risk rises. Existing Home Sales rose +2.4% in December, following a -6.3% decline in November. Existing Home Sales for January are expected to slip -1.8% to 4.95 Million. Treasuries are getting a boost this morning as international creditors finalize the four-month extension of Greece’s bailout agreed to on Friday; Greece has until tonight to submit its proposals, which must then be accepted by the EU. 10-Year yields are down 5.1 bps and the curve has bull flattened with 2s10s down -2.2 bps and MBS is underperformingtreasuryhedges by 1-2 ticks in the production coupons.
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