"The first glimmer of better news in housing in some time," says RBS's Omair Sharif of this morning's 3.4% rise in pending home sales in March. It was well above forecasts, and the largest monthly jump in nearly three years.
Sharif notes the print also broke a string of eight consecutive declines dating back to July 2013. The declines last year could be attributed to the sharp jump in interest rates, and this winter's numbers to the harsh weather, but at some point even housing bulls would have to admit a troubling pattern.
There's still a ways to go - on a year-over-year basis, the pending sales index is still down 7.4%.
The number was enough to send the 10-year Treasury yield - which had been near its 2014 low - up three basis points to 2.70%. Coming up soon for Treasury punters is Friday's employment report and next week's FOMC policy meeting. TLT -0.5%, TBT +1%
Previously: Pending Home Sales rise 3.4%,