• Jobless Claims
  • 233k vs 236k f'cast, 239k prev
• Continued Claims
  • 1839k vs 1820k f'cast, 1821k prev
• Durable Goods
  • 0.1 vs -0.1 f'cast
  • last month revised down to 0.2 from 0.7
• Core Durables
  • -0.6 vs 0.1 f'cast, 0.3 prev
• Final Core PCE Prices Q1 (ancient history)
  • 3.7 vs 3.6 f'cast
• Final GDP
  • 1.4 vs 1.4 f'cast/prev
• Corp Profits
  • -2.7 vs -1.7 f'cast

This is more data than most of us can shake a stick at, but most of it is fairly benign in terms of its expected impact on bonds.  Indeed, trading levels are not far from pre data levels, but if there's a bias, it's toward better buying.

10s are now down 2bps at 4.309 and MBS are up 3 ticks (.09).  

Picking a winner among this data is tough.  First off, we can throw out GDP and PCE as it is from Q1 (i.e. stale).  That leaves claims and durable goods.  Claims was a mixed bag with weekly initial claims falling and continued claims rising.  Durable goods was also mixed with a modestly stronger headline, but a much weaker core.  The latter is arguably the biggest outlier among this morning's relevant line items and the easiest argument for the key driver of these modest gains.