Initial Claims came in VERY strong this morning at 8:30, yet despite the F_O_M_C stating pretty much as clearly as "They can" that QE is no longer (and maybe never was) tied to unemployment, but rather rates are, you'd think it would be only the bond market that would react to good data from unemployment, so good in fact that several states came in a pre-recession levels!
Yet at 8:30 when Initial Claims came out with this beat...
Released On 8/1/2013 8:30:00 AM For wk7/27, 2013
| Prior | Consensus | Consensus Range | Actual |
| New Claims - Level | 343 K | 345 K | 340 K to 350 K | 326 K |
| 4-week Moving Average - Level | 345.25 K | | | 341.25 K |
| New Claims - Change | 7 K | | | -19 K |
ES looked like this...
The white arrow is when Claims were released, it may not look like much, but it is about 30 minutes of decline so the market (stocks) are still tying unemployment to QE.
HOWEVER....
Here's where Good news is REALLY bad news... Treasuries.
This is the 10-year at the 8:30 release.... Good news is REALLY BAD news in T' land as you'd expect, I just wanted to point out how sharp the contrast is.
No comments:
Post a Comment