More people in the U.S. filed Jobless claims than expected last week, pushing the total to the highest level since April 2014. Initial Jobless Claims rose +7K to 320K vs. 313K prior (consensus 295K). Continuing Claims also moved higher, up +17K to 2.421 Million. Factory orders fell -3.4% in December for a fifth consecutive monthly decline; this is the longest losing streak since 2008. January disappointed expectations for another consecutive month of declines, slipping -0.2% (consensus +0.2%). Treasuries are holding onto their gains this morning in response to the very disappointing Initial Jobless Claims and Factory Orders reports. The curve is flat to yesterday’s close and MBS is 1-2 ticks wider to treasuryhedges.
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