Bonds rallied sharply on Monday. It wasn't the first time we've seen some decent gains in the past few months, but it was definitely the first time we didn't need to grease the skids with the highest yields in several months in the previous session. In other words, it was a rally that arrived after a string of already fairly decent days--the first we've seen since September 10th. Credit goes to the announcement of Scott Bessent as Treasury Secretary who's seen as a more fiscally conservative option--something bonds have been longing for.
Stronger start with most of the gains hitting immediately at the overnight open. MBS up a quarter point and 10yr down 9bps at 4.318
Gains continue. MBS up 15 ticks (.47) and 10yr down 12.8bps at 4.279
Steady near best levels. MBS up half a point and 10yr down 13.8bps at 4.269
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