Bonds on the ropes again as ISM services index comes in hot
Bond traders are having another tough go of it this morning, thanks to a strong report on the service sector of the economy from the Institute for Supply Management ...
* The overall non-manufacturing index jumped to 59.7 in May from 56 in April. That's the highest since April 2006.
* The new orders sub-index rose to 57.4 from 55.5, while the employment sub-index climbed to 54.9 from 51.9.
* Inflationary pressures built. The prices paid index jumped to 66.4 from 63.5. That's the highest reading since August 2006.
Long bonds were recently down more than a half point (17/32) to 108 13/32. Ten-year yields hit a new high for the move of 4.97%.
* The overall non-manufacturing index jumped to 59.7 in May from 56 in April. That's the highest since April 2006.
* The new orders sub-index rose to 57.4 from 55.5, while the employment sub-index climbed to 54.9 from 51.9.
* Inflationary pressures built. The prices paid index jumped to 66.4 from 63.5. That's the highest reading since August 2006.
Long bonds were recently down more than a half point (17/32) to 108 13/32. Ten-year yields hit a new high for the move of 4.97%.
posted by Mike Larson at
10:23 AM
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