• Markit Services PMI
  • 54.8 vs 56.0
• Markit Manufacturing PMI
  • 52.5 vs 53.6
• Existing Home Sales
  • +11.8% vs -1.4% previously
• Philly Fed Forecaster Survey
  • Q1 GDP 1.5 vs 2.4 previously

Much of the motivation for this morning's domestic-session strength was covered in the Day Ahead (here's a link). 

This is just an update to catalog the econ data and to let you know the rally has continued over the past 2 hours.  Fannie 3.5 MBS had gained as much as half a point at their best levels and 10yr yields were as low as 2.418% before bouncing up to 2.44% currently.

So that's "only" a 10bp drop in Treasury yields on the day.  Boo hoo, right?

All kidding aside, we always have to keep an eye out for short-term corrections after moving this much, even if the longer-term outlook remains friendly due to global growth concerns.