|10-Year: -28/32....%.... GNMAs: .... USD/JPY: 100.37.... EUR/USD: 1.3187|
MBA Mortgage Index (7): Actual -1.2%, Prior -2.6%
New Home Sales (10): Actual 497K, consensus 483K, prior 459K (from 476K)
Treasury auctions $35B 5-yr notes, draws 1.41%, 2.46x bid-to-cover is below 12-auction average of 2.80x
Better-than-expected PMI reading for Eurozone drives selling of government securities
The downturn in the stock market, though, still hasn't translated into a bargain hunting bid in the Treasury market. Prices remain pinned near their lows for the day, with selling concentrated in the intermediate to long end of the curve. The 5-yr note is off 13 ticks with its yield at 1.40%; the 10-yr note is down 28 ticks with its yield at 2.62%; and the 30-yr bond is off a point-and-a-half with its yield at 3.67%.