• Jobless Claims
  • 212k vs 215k f'cast, 212k prev
• Philly Fed Index
  • 15.5 vs 1.5 f'cast, 3.2 prev
• Philly Fed Prices
  • 23.0 vs 3.70 prev

Bonds were initially a bit stronger in the overnight session, but back to unchanged before today's data.  Jobless Claims data was uneventful, as is usually the case, but Philly Fed is a different story.  Not only was the headline sharply higher, but prices rose even faster.  Notably, the price index has certainly been much higher in the past, but the trajectory of the change is nonetheless hurting bonds a bit.

10yr yields are now up 2.2bps at 4.61 and MBS are down 1 tick (.03).