Fri, Feb 22 2013, 4:25 PM
Earlier in the week, we posited that if FOMC Minutes didn't ruffle too many feathers, then next week's 2-day Bernanke
Congressional Testimony would ...
Thu, Feb 21 2013, 11:55 AM
Both MBS and Treasuries continue to trade at their best levels since
last Tuesday but remain blocked by technical resistance for now. The
combina...
Thu, Feb 21 2013, 8:01 AM
While Wednesday's FOMC Minutes delivered all the short term volatility
we might have expected, it was all meted to equities markets. Bond
markets...
Thu, Feb 21 2013, 4:56 PM
When is strength actually weakness in disguise? This is not a trick
question. It's probably applicable to many topics, but today it runs
the ris...
Wed, Feb 20 2013, 11:44 AM
What had been a tentative move off the lows at first soon turned into a
more decisive swing back into positive territory. Earlier weakness was
la...
Wed, Feb 20 2013, 7:18 AM
Here's another one of those sessions where a big-ticket market event
has lots of potential to move markets, but no obligation to do so.
Since N...
Wed, Feb 20 2013, 6:10 PM
Bond markets continued to heal after dodging a few of the same
old bullets from FOMC Minutes. This time around, ongoing QE expectations
were calle...
Tue, Feb 19 2013, 11:59 AM
Bond markets traded fairly well overnight and remained in an exceedingly
narrow range throughout. Both MBS and Treasuries hit New York just
barely...
Tue, Feb 19 2013, 7:50 AM
Friday started simply enough with MBS and Treasuries relatively in
line with Thursday's latest levels, but bond markets soon began giving
up groun...
Tue, Feb 19 2013, 4:29 PM
There wasn't much going on today. This includes the overnight session, the morning "busy" hours (when Europe is still trading a nd the domestic se...
Fri, Feb 15 2013, 11:28 AM
Quite simply, MBS are right back in line with the center of yesterday morning's trading range. While this is technically "bad" because it keeps price...
Fri, Feb 15 2013, 7:37 AM
Thursday, with it's 30yr Bond Auction and survey week Jobless Claims numbers, stood a decent chance the break the recent monotony for broader bo...
Thu, Feb 14 2013, 11:41 AM
A good measure of weakness worked its way through bond markets early in the overnight session. Asian market hours saw 10yr yields climb over 2.06 bri...
Thu, Feb 14 2013, 7:37 AM
This morning's Jobless Claims numbers are from the same week that the survey for next month's NFP numbers is being conducted. As such, a big miss or ...
Thu, Feb 14 2013, 4:18 PM
Treasury yields rose into scary territory overnight and remained fairly scary even in the morning hours as 10's pushed up over 2.05 after the stronger...
Wed, Feb 13 2013, 12:17 PM
Bond markets were against the ropes from the outset this morning as a healthy clip of overnight data and events in Europe pressured safe-haven German ...
Wed, Feb 13 2013, 7:31 AM
The afternoon's top tier event arrives at 1pm with the 10yr Treasury Auction. Given the recently more rapid evolution of the yield curve, markets may...
Wed, Feb 13 2013, 5:05 PM
It's interesting to consider that today's weakness was essentially present from the outset ("interesting" in an awful, painful sort of way). In anoth...
Tue, Feb 12 2013, 11:47 AM
Euros surged in the early AM, setting the tone for Treasuries and equities, which looked willing to head in either direction until then. Domestic trad...
Tue, Feb 12 2013, 7:30 AM
There remains zero on tap in terms of domestic economic data (unless you're a deep thinker on labor markets and want to count the Job Openings and Lab...
Tue, Feb 12 2013, 4:26 PM
MBS prices were slightly lower out of the gate this morning as markets whipped around on a moderate resurgence of tradeflows after weather and holiday...
Mon, Feb 11 2013, 11:44 AM
Whether we're talking about ceilings in terms of MBS prices or floors in terms of Treasury yields, the specific cross-section of "bond markets" we're ...
Mon, Feb 11 2013, 8:07 AM
After a reasonable amount of weakness in the morning, broader bond markets were able to ratchet down to some of their best levels since January 25th ...
Mon, Feb 11 2013, 4:18 PM
By the time it's over, today will be close to the slowest day of the year. Asia was out due to holidays in Japan and China. Europe was fairly quiet an...
Fri, Feb 8 2013, 12:15 PM
MBS are tanking this morning in just about as negative a scenario as
we could imagine short of a major headline market mover. Yesterday's
headlin...
Fri, Feb 8 2013, 7:11 AM
Friday was probably already going to be a wild card, but it's made even more so due to the big, nasty snowstorm set to hit the east coast this mornin...
Fri, Feb 8 2013, 5:46 PM
Unlike the well-forecast storm in the northeast, movements in bond markets this morning were less well-telegraphed. That said, this morning's pre mar...
Thu, Feb 7 2013, 12:21 PM
Markets were apparently prepared for more economically bullish sentiments from ECB's Draghi this morning, or at least that's the superficial takeaway ...
Thu, Feb 7 2013, 7:43 AM
Heading into and out of the first Friday of most months, it's common to see volatility swell and ebb around the Employment Situation Report. Granted,...
Thu, Feb 7 2013, 4:44 PM
MBS were already having sort of a shaky day versus Treasuries, but had been doing a decent enough job of holding their ground until around 3pm. The r...
Wed, Feb 6 2013, 12:12 PM
Much like yesterday, today has been uncharacteristically slow in the context of recent volatility. Unfortunately, that slowness has served as the pla...
Wed, Feb 6 2013, 7:31 AM
Yesterday, the first thought we shared about the previous sessions was: "bond markets traded well on Monday." What a difference a day makes... Bon...
Wed, Feb 6 2013, 4:22 PM
Wax-on: solid gains throughout the day on Monday. Wax-off: gains mostly erased in Europe overnight on Tuesday. Wednesday, then, is "wax-on, risk-off"...
Tue, Feb 5 2013, 11:57 AM
MBS Live : MBS Morning Market Summary
++INSERT COMMENTARY HERE++
MBS Pricing Snapshot
Pricing shown below is delayed, please note...
Tue, Feb 5 2013, 6:06 AM
Bond markets traded well on Monday. In fact, 10 yr yields dropped more than any session since early November. Then again, they were starting out the...
Tue, Feb 5 2013, 5:08 PM
In the absence of heavy-hitting domestic considerations such as
last week's impressive slate of economic data and events (NFP, FOMC
Announcement...
Mon, Feb 4 2013, 11:42 AM
Bond markets began the day just barely in the green after a disconcerting overnight session. Things were more tenuous in the earlier morning hours wh...
Mon, Feb 4 2013, 7:02 AM
Last week was unpleasant for fans of low interest rates. We moved to multi month highs in mortgage and Treasury rates, spending the most time at " 2+...
Mon, Feb 4 2013, 4:37 PM
Perhaps less than coincidentally, the S&P just closed at it's lowest levels in more than a week on the same day that many lenders' rate sheets were at...
Fri, Feb 1 2013, 12:59 PM
Please note the timestamp on the pricing snapshot below. Bond markets have sold off a fair amount since then, breaking through the 103-16 pivot in MB...
Fri, Feb 1 2013, 6:59 PM
If this, by some happy chance, is the first time today that you've looked at bond market activity, congratulations! Knowing that we were heading into...
Thu, Jan 31 2013, 12:03 PM
Bond markets coasted into the domestic session in marginally improved territory ahead of this morning's economic data. A look at the overnight tradin...
Thu, Jan 31 2013, 7:44 AM
Sometimes opening acts are surprisingly entertaining, or perhaps even moving. But more often than not, the headliner is what you came to see and the ...
Thu, Jan 31 2013, 7:32 AM
By the time we reach the Friday of an NFP week, there's little else left to say or do besides wait for 8:30am. That's made doubly true this week due ...
Thu, Jan 31 2013, 4:54 PM
Unlike some pre-NFP Thursdays, which start to exhibit some sort of "lead-off" in either direction, today's was poster child for "calm before the storm...
Wed, Jan 30 2013, 12:03 PM
Bond markets had done a somewhat decent job of clawing back from overnight weakness by the time the domestic session got underway. The stronger-than-...
Wed, Jan 30 2013, 5:04 PM
It was quite the odd FOMC Announcement day... Here we were, planning on the week's biggest TWO events being today's FOMC Announcement and Friday's NF...
Wed, Jan 30 2013, 2:20 PM
Information received since the Federal Open Market Committee met in December suggests that growth in economic activity paused in recent months, in lar...
Tue, Jan 29 2013, 7:44 AM
Yesterday we noted that it was " almost an insult " to look out on the day ahead in terms of the events on the calendar when tradeflows and technica...
Tue, Jan 29 2013, 7:07 AM
10yr yields breaking above 2.0% was a concern for MBS market participants because of the way they adjust their portfolios to account for anticipated d...
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