Wed, Nov 13 2013, 8:10 AM
What are we to make of yesterday? Here we were, ready for more pain
after the strong jobs report and nearly two full weeks of preceding
pain. Bu...
Wed, Nov 13 2013, 5:09 PM
Janet Yellen's prepared remarks for tomorrow's confirmation hearing
were released at 4:30pm today. While there was little reason to expect
a sign...
Tue, Nov 12 2013, 12:06 PM
Bond markets were weaker overnight. 10yr yields began the Asian
hours just under 2.77 and made one anemic move to 2.755 before failing
to break t...
Tue, Nov 12 2013, 7:50 AM
The past two weeks have done all kinds of "bad stuff" to bond
markets. Not only did interest rates return to the gates of the outer
gates of thei...
Tue, Nov 12 2013, 4:30 PM
Treasuries were able to hold sideways without going much higher than
2.78. While this isn't as threatening as the 2.79's, there was a
notable ave...
Fri, Nov 8 2013, 11:54 AM
Today's trading has turned out to be exceedingly straightforward.
Bonds approached in a neutral stance--right in the middle of their
2-month rang...
Fri, Nov 8 2013, 4:57 PM
Government Shutdowns come and go (and may come again), but our more
constant companion since May has been the ongoing trial of Fed Asset
purchases...
Fri, Nov 8 2013, 1:37 AM
These sorts of NFP days are few and far between. In fact, we may not
see a similar example for decades--maybe longer. That sounds exciting,
but ...
Thu, Nov 7 2013, 12:54 PM
The overnight session was uneventful until the ECB announced a
somewhat surprising rate cut at 7:45am New York time. Both stocks and
bonds benefi...
Thu, Nov 7 2013, 7:44 AM
Yesterday, we held out the possibility of something interesting
happening due to the Fed papers making rounds. Nothing interesting
happened. Tha...
Thu, Nov 7 2013, 4:28 PM
For all the data and events digested by bond markets today, trading
levels managed to stay fairly calm and to seek out the neutrality of
recent ra...
Wed, Nov 6 2013, 12:50 PM
Amid today's lack of significant bond-market-specific events,
Treasuries and MBS have erased a moderate amount of yesterday's
weakness. The Leadi...
Wed, Nov 6 2013, 7:29 AM
Sizing up the day, there's nothing special about it in terms of data
or events. As such, it will be especially telling if we happen to see a
big ...
Wed, Nov 6 2013, 4:46 PM
The title of todays' recap, "narrowest trading range in 6 months,"
is the only thing interesting about today. Even on the approach, there
was not...
Tue, Nov 5 2013, 12:45 PM
Today's ISM Non-Manufacturing data was the focal point of the first
three days of this week, and bond markets confirmed that well before it
was re...
Tue, Nov 5 2013, 7:22 AM
Like its sister report last week, today's ISM Non-Manufacturing data doesn't always move markets, but also like
its sister report, it can cause fa...
Tue, Nov 5 2013, 4:46 PM
While there's still a bit of time left on the clock, MBS look
fairly likely to close at levels that make today the worst day of losses
in exactly ...
Mon, Nov 4 2013, 12:23 PM
The story so far today is one of modest correction from last week's
losses. To recap that last 3 weeks, bond markets approached their best
recent...
Mon, Nov 4 2013, 7:04 AM
Only 2.5 weeks separates this week's Employment Situation Report one
from the last due to the government shutdown. The last jobs report
helped rat...
Mon, Nov 4 2013, 4:27 PM
Today was one of those characteristically "slow Mondays" in the way
only Mondays can be. It didn't help that Japan was out on Holiday (our
turn n...
Fri, Nov 1 2013, 12:46 PM
Two days, two ISM reports and both have done a good amount of
damage to bond markets. Yesterday's regional report from ISM Chicago
left trading l...
Fri, Nov 1 2013, 7:23 AM
ISM Manufacturing and non-manufacturing are two of the most widely followed economic reports
and are key players in the ensemble of non-employment...
Fri, Nov 1 2013, 4:51 PM
This week saw a tentative prodding of range boundaries--both long
term and short term--following last week's Employment Situation Report.
Wednesd...
Thu, Oct 31 2013, 12:27 PM
Bond markets began the day with promise. Technical support levels
managed to hold up overnight in Treasuries. MBS began the day in
positive terr...
Thu, Oct 31 2013, 6:21 PM
The past two days have been quite something for MBS markets--not in
any meaningful way, but certainly frustrating. Reason being: BOTH days
have o...
Thu, Oct 31 2013, 1:13 AM
A quick note about yesterday: The post-FOMC sell-off surprised many
market-watchers. It was a bit surprising at first, but less so when
taking a ...
Wed, Oct 30 2013, 12:10 PM
Overnight trading deposited bond markets in just slightly better
territory to start the domestic session. Right off the bat, the ADP
employment n...
Wed, Oct 30 2013, 7:49 AM
Is the collection of data and events today finally enough to break
the recent monotony in bond market trading levels? Or will we be
waiting until...
Wed, Oct 30 2013, 4:31 PM
MBS Live : MBS Afternoon Market Summary
Bond markets were pushing the boundaries of their best recent levels this morning, and that trend c...
Wed, Oct 30 2013, 2:02 PM
Information received since the Federal Open Market Committee met in
September generally suggests that economic activity has continued to
expand at...
Tue, Oct 29 2013, 11:55 AM
For the second day, Fannie 3.5s are demonstrating an uncanny
ability to remain inside the the highs and lows established on Friday.
Given that th...
Tue, Oct 29 2013, 7:33 AM
From the standpoint of trading levels, yesterday was meaningless.
Both Treasuries and MBS remained inside the ranges set by Friday's highs
and lo...
Tue, Oct 29 2013, 4:28 PM
Today's bond market activity was similar to yesterday's in the
sense that prices and yields continue to trade in clearly-defined and
exceptionally...
Mon, Oct 28 2013, 11:31 AM
Bond markets began the day in moderately weaker territory. Overnight
Treasuries remained in a narrow range but like MBS, moved to the day's
weake...
Mon, Oct 28 2013, 7:02 AM
Despite the fact that last week saw the return of the critically important
Employment Situation report, this will be the week where the majority
...
Mon, Oct 28 2013, 4:55 PM
The most interesting thing about today was how extraordinarily quiet
it was. We would expect MBS space to be a relative ghost town with the
MBA c...
Fri, Oct 25 2013, 12:12 PM
It's been another uneventful session so far with trading levels for MBS
and Treasuries both holding inside yesterday's ranges. Treasuries were
sl...
Fri, Oct 25 2013, 4:26 PM
Today was a boring day in bond
markets. Volume was low. Trading ranges held inside previous days'
trading ranges. Benchmarks ended the week per...
Fri, Oct 25 2013, 1:02 AM
Here's essentially where we're at... Bond markets came to a
crossroads on 9/18 and chose a friendlier path for those who enjoy
stable-to-higher b...
Thu, Oct 24 2013, 12:28 PM
Bond markets haven't had much to go on since Tuesday's jobs report
inspired a decisive move to the best levels in months. This morning was
no exc...
Thu, Oct 24 2013, 6:53 AM
On some levels, yesterday's trading session could have been frustrating for
bond bulls (aka fans of lower rates) due to the late day sell-off. A ...
Thu, Oct 24 2013, 5:19 PM
Today was another session where the movement is best characterized as
"incidental"--that is to say, bond markets didn't set out with any
salient g...
Wed, Oct 23 2013, 12:29 PM
Treasuries rallied overnight in rather underwhelming fashion.
Volume was moderate and the trading range was fairly narrow.
Yesterday's weak NFP ...
Wed, Oct 23 2013, 7:08 AM
September 18th's FOMC Announcement set off warning bells about a
potential move lower for rates but such a move was always to be
dependent on Sept...
Wed, Oct 23 2013, 4:30 PM
Since 8:40am yesterday morning, bond markets have been exceptionally
calm compared to past examples of decently sized moves following the
monthly ...
Tue, Oct 22 2013, 12:42 PM
Today's Employment Situation Report--rescheduled from the original
October 4th release data--has been easily up to the task of inspiring a
break o...
Tue, Oct 22 2013, 6:55 AM
Will absence have made the heart grow fonder when it comes to bond
markets' affections for the payrolls data? Yes, it already has. If
Treasuries...
Tue, Oct 22 2013, 4:28 PM
In the first few seconds of trading following this morning's NFP
release, 10yr yields dropped from 2.59 to 2.54. From there, they eased
gently lo...
Mon, Oct 21 2013, 11:49 AM
Bond markets were just slightly weaker overnight, but Treasuries
held inside Friday's range at first. Fannie 3.5 MBS opened just in line
with Fri...
Mon, Oct 21 2013, 7:50 AM
For all the sound and fury produced over the past two weeks, trading
levels in bond markets returned more-or-less in line with the trajectory
that...
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