Bonds Remain in Range
Action Economics: Bonds remained rangebound Thursday morning following the steady ISM services result, though the decline in the labor component may help keep a lid on yields at 4.50% looking ahead to tomorrow's payrolls report. News from mortgage bankers that home foreclosure and delinquency rates hit highs was also bond-friendly, though the results should not come as a surprise. The 10-year yield continues to hold between 4.47-50% this morning, and will face a raft of Fedspeakers this afternoon beginning at 11 ET. The 2s-10s spread dipped to +42 bp, with the front-end recovering somewhat.
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