Manufacturing in New York is looking to bounce back from the January’s low of 44.5 with a strong February print; the Index has been above 55 since June 2014. Treasuries declined yesterday and U.S. stocks rose following gains in consumer purchases, pushing the NASDAQ above 5,000 for the first time since March 2000. The 10-Year note declined -25 ticks pushing yields up +8.9 bps to 2.085%, and today 10-Year notes are continuing their downward trajectory. The curve has bear steepened with 2s10s up +1.7 bps and MBS is underperformingtreasuryhedges by 1-2 ticks.
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