Wed, Aug 20 2014, 12:25 PM
MBS are outperforming Treasuries today and have been flirting with positive territory heading into the noon hour. Treasuries are still about 1bp hi...
Wed, Aug 20 2014, 7:28 AM
Bond markets have endured 2 days of losses so far this week. Both days have also been prime examples of illiquid summertime trading. This simply mea...
Wed, Aug 20 2014, 5:19 PM
Bond markets have a secret. Or rather, we have to pretend like it's a secret in order to turn something very boring into something remotely interesti...
Tue, Aug 19 2014, 12:33 PM
Relative to yesterday's exceptionally linear trading, prices have been much more volatile today. The overnight session was constructive for global ...
Tue, Aug 19 2014, 7:43 AM
It remains to be seen whether today's economic data will even matter given the incredibly light participation so far this week. In other words, today...
Tue, Aug 19 2014, 4:15 PM
Everything that happened in bond markets today, happened before noon. Whether this was a factor of European markets contributing to the volatility or...
Mon, Aug 18 2014, 12:11 PM
As is frequently the case for Monday's during the summer, bond markets have not been very active. Trading levels have remained in a narrow range as...
Mon, Aug 18 2014, 7:34 AM
Drama is fueling a surprisingly strong 2014 rally in US bond markets. Most of that drama has to do with the European economy and geopolitical risks o...
Mon, Aug 18 2014, 5:23 PM
The day started out inoffensively enough with MBS and Treasuries only down slightly from Friday's latest levels. Those were also incidentally the be...
Fri, Aug 15 2014, 12:22 PM
The trading day began mostly uneventfully, with bond markets working their way into positive territory by the domestic open. Economic data didn't sta...
Fri, Aug 15 2014, 7:41 AM
There are plenty of frustrating times in financial markets where a trend is only as good as it's most recent trading day. This is the old: "the tren...
Fri, Aug 15 2014, 5:13 PM
MBS got very close to their best levels of the year today, as did mortgage rates. Treasuries, on the other hand, crashed through their previous flo...
Thu, Aug 14 2014, 12:14 PM
Today has brought a decent dose of volatility to bond markets. Overnight trading saw Treasury yields rise somewhat abruptly during Asian hours. The ...
Thu, Aug 14 2014, 7:40 AM
It's fun anthropomorphize bond markets. After all, by the time we admit that even "black box" trading still results from human programming, markets a...
Thu, Aug 14 2014, 5:18 PM
It's getting a bit eerie at this point. MBS have had extra calm afternoons every day this week, and haven't lost meaningful ground on any of them. O...
Wed, Aug 13 2014, 11:56 AM
Relative to the first two days of the week, today's biggest loser (in terms of bond yields) is Europe. German Bund yields rose less than Treasuries...
Wed, Aug 13 2014, 7:31 AM
There has been some economic data that bond markets have clearly cared about recently. GDP comes to mind as the most recent example. But it was bare...
Wed, Aug 13 2014, 4:40 PM
After a fairly slow start to the week, bond markets threatened to move higher yesterday afternoon and into the overnight session. With bonds trading ...
Tue, Aug 12 2014, 11:57 AM
Both MBS and Treasuries have gone no higher or lower than they did yesterday, though they've made relatively quick work of exploring most of those ran...
Tue, Aug 12 2014, 7:33 AM
As we recently discussed, summertime Mondays might as well be part of a 3-day weekend. Volume and participation on Mondays in July and August especia...
Tue, Aug 12 2014, 4:58 PM
MBS were generally flat today while Treasuries were slightly skewed toward higher yields. There's really not much more to observe about today's mov...
Mon, Aug 11 2014, 11:34 AM
As we've discussed in the past, bond rallies that are fueled by geopolitical risk require constant feeding if they're to survive and thrive. In oth...
Mon, Aug 11 2014, 7:33 AM
Even during the strongest moves lower for rates, we'll still see periodic weakness within the trend. In other words, if rates are falling and general...
Mon, Aug 11 2014, 4:33 PM
Treasuries and MBS are heading out the door in very similar territory to Friday's latest levels. This is something of a relief considering they looke...
Fri, Aug 8 2014, 11:49 AM
There are plenty of big stories right now. In terms of broader markets, last night's announcement of US air strikes in Iraq was clearly the biggest...
Fri, Aug 8 2014, 7:31 AM
The simplest and easiest way to approach bond market movement is to simply follow economic data and analyze the moves in the context of that data. Wh...
Fri, Aug 8 2014, 5:04 PM
Remember the Polish Foreign Minister's warning about Russian troops amassing at the Ukrainian border? No? Can't blame you there, but what about the ...
Thu, Aug 7 2014, 12:17 PM
When we reference "European bond markets," we're talking about the undisputed benchmark for the Eurozone: German Bunds. It's important to keep in min...
Thu, Aug 7 2014, 7:31 AM
First of all, there are far worse kinds of stagnation in bond markets. The current variety--while appallingly range-bound--is at least stagnant near ...
Thu, Aug 7 2014, 4:39 PM
17 to 9. That's the current score between Treasuries and MBS in terms of day-over-day price gains. Or look at it this way. 10yr yields just had the...
Wed, Aug 6 2014, 12:02 PM
Driven almost exclusively by European bond market strength (and stock market weakness), Treasuries and MBS began the day in much better territory . ...
Wed, Aug 6 2014, 7:33 AM
Today's economic/event calendar is limited to the recently unimportant and uninspiring trade gap data, so let's talk about the stock lever and long te...
Wed, Aug 6 2014, 5:06 PM
Treasuries and--by default--MBS are still more than willing to take cues from European bond markets. This is especially true in the overnight session...
Tue, Aug 5 2014, 11:37 AM
The beginning of the overnight session was uneventful, with relatively little movement until European markets came online. From there, bond markets...
Tue, Aug 5 2014, 7:31 AM
At the risk of confusing "first chances" with "good chances," there's at least some chance that today will succeed where yesterday failed. As we di...
Tue, Aug 5 2014, 4:23 PM
It was a tale of two headlines today; one of the scheduled; the other, a surprise. The schedule economic data at 10am showed ISM's Non-Manufacturing ...
Mon, Aug 4 2014, 11:36 AM
Both MBS and Treasuries are trading in just slightly better territory than Friday's best levels. That's really about all there is to say about today....
Mon, Aug 4 2014, 7:33 AM
Bond markets did their best last week. After hitting the year's best levels in late May, nothing else has really happened, or even stood the chance t...
Mon, Aug 4 2014, 4:53 PM
For a day that sits adjacent to NFP Friday, today was calm and uneventful. Bond markets started out right in line with Friday's latest levels and i...
Fri, Aug 1 2014, 12:21 PM
MBS and Treasuries started the day in slightly weaker territory after a fairly uneventful overnight session. On NFP day, all eyes are on 8:30am anywa...
Fri, Aug 1 2014, 7:31 AM
First off, anything can happen on NFP days, so feel free to skip the rest of this and buckle up for the ride if you're reading this before 8:30am ET...
Fri, Aug 1 2014, 4:23 PM
Fannie 3.5 MBS are heading out the door nearly half a point better at 102-09. 10yr yields are down 6bps at 2.498. While they didn't quite make it ...
Thu, Jul 31 2014, 12:34 PM
The stakes are high for the rest of this week as far as bond markets are concerned. The anxiety is obvious. Is this the turning point where we bou...
Thu, Jul 31 2014, 7:39 AM
With GDP living up to it's surprising potential, things have quickly gotten more serious for domestic bond markets. Before yesterday, econo-bears c...
Thu, Jul 31 2014, 5:05 PM
It's not often you'll see the S&P down over 30 points with less than 1bp of day-over-day movement in 10yr yields, but that's where we're heading out t...
Wed, Jul 30 2014, 12:46 PM
Bond markets began the day on relatively level ground vs yesterday. It was, and has been up to GDP to cast the first major vote on whether or not b...
Wed, Jul 30 2014, 7:33 AM
On the afternoon of the Thursday before last, bond markets had just gone on their run to the best levels in over a month on the geopolitical flare-up...
Wed, Jul 30 2014, 6:18 PM
Tonight's theme: "not many."
It's not many times that GDP will crack 4% after being down more than 2% in the previous quarter, but it did today. ...
Wed, Jul 30 2014, 1:59 PM
Information received since the Federal Open Market Committee met in June
indicates that growth in economic activity rebounded in the second
quarte...
Tue, Jul 29 2014, 12:39 PM
The day started out well for Treasuries and MBS for a variety of reasons. European bond markets have been the most reliable motivation for overnigh...
MBS Market Alerts
