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...
Mon, Oct 21 2013, 5:08 PM
Today's session could as easily not have happened, and it wouldn't
change anything about the bigger picture. The same could be true for
most any ...
Fri, Oct 18 2013, 12:46 PM
Yesterday's rally was strong. Today, not so much. That's OK
because if we were to extend the rally (2 day rally, really, totaling
over a point o...
Fri, Oct 18 2013, 7:22 AM
Clues provided by early overnight bullishness in bond markets were
accurate in that both Treasuries and MBS returned to the ranges that had
recent...
Fri, Oct 18 2013, 4:50 PM
When the potential government shutdown became an increasing reality
into late September, bond markets entered in to a narrow, sideways
range. Whe...
Thu, Oct 17 2013, 12:32 AM
Congress apparently thought the 10/17 debt ceiling deadline was a
much bigger deal than financial markets. It's not that markets didn't
perceive ...
Thu, Oct 17 2013, 11:59 AM
After adding half a point yesterday, Fannie 3.5 MBS are up another half
point today (Fannie 3.5s as of 11:55am) as the ill effects of the
governme...
Thu, Oct 17 2013, 6:39 PM
Surprisingly enough, after the government shutdown, both Treasuries
and MBS are back to levels they were trading at- well--before the
shutdown. T...
Wed, Oct 16 2013, 7:14 AM
When was the last time there was any meaningful level of interest in the Fed's Beige Book ?
Some economic releases, if you're not waiting for the ...
Wed, Oct 16 2013, 4:37 PM
Somehow, the same debt deal (or similar anyway) that caused
problems for bond markets yesterday, ended up being the leading suspect
behind a solid...
Wed, Oct 16 2013, 1:21 PM
Treasuries and MBS have had varying reactions, at times, to fiscal
headlines. In one moment, bond markets may have weakened in response to
the pr...
Tue, Oct 15 2013, 12:25 PM
Bond markets began the day preemptively weakened by headlines out on Monday suggesting the Senate was working on a deal
that would fund the governme...
Tue, Oct 15 2013, 7:17 AM
The week begins largely where the previous week left off: with bond markets seemingly scared
of any sort of debt-ceiling resolution. The move low...
Tue, Oct 15 2013, 5:07 PM
Bond markets began pouting even before they were open, according to
movement in Treasury futures during yesterday's bond market closure.
The nega...
Fri, Oct 11 2013, 7:37 AM
Well... The bulk of the prose-based commentary was just accidentally
divulged in the bullet points above. There's not much more to it
really. We...
Fri, Oct 11 2013, 6:34 PM
Bond markets came into the session on a stronger note. They looked
intent on bouncing back from yesterday's somewhat troubling weakness.
Everyth...
Fri, Oct 11 2013, 1:16 PM
Please note that the pricing snapshot below is from earlier in the morning before
we got hit with mid-day weakness. Before that, bond markets came ...
Thu, Oct 10 2013, 12:58 PM
MBS Live : MBS Morning Market Summary
++INSERT COMMENTARY HERE++
MBS Pricing Snapshot
Pricing shown below is delayed, please note...
Thu, Oct 10 2013, 4:28 PM
Though somewhat of a hollow victory, bond markets improved after
today's strong 30yr bond auction. It was hollow in the sense that the
gains mere...
Thu, Oct 10 2013, 1:21 AM
Markets have clearly begun pricing in various levels of default risk
for the US. Sounds scary, but it's not the first time and it won't be
the la...
Wed, Oct 9 2013, 12:36 PM
Part of the explanation for today's movement lies in yesterday's
events. Notably, we saw the biggest spike yet in 1-month Treasury
Bills. This i...
Wed, Oct 9 2013, 6:51 AM
These are not normal times. While this could have been said at many
points since the onset of the financial crisis, they're perhaps even
more abn...
Wed, Oct 9 2013, 4:32 PM
Bond markets began the day in roughly the same territory they
occupied at the end of yesterday. MBS prices had an artificial deficit
due to the r...
Tue, Oct 8 2013, 12:37 PM
Referring to today's movements in MBS with the word "volatility" may
be a bit generous considering we haven't even traversed half of
yesterday's r...
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