Thu, Dec 20 2012, 11:48 AM
Similarities abound between Wednesday and Thursday across the market. In both cases, the overnight session began with a moderately positive tone for ...
Thu, Dec 20 2012, 7:14 AM
Thursday's session is a bit tricky . Any value over time can be charted, and the general tone/sentiment/optimism of the Fiscal Cliff debate is no ex...
Thu, Dec 20 2012, 4:18 PM
A big haul of economic reports had little lasting impact on trading levels this morning, but the stronger Philly Fed Index at 10am was enough to sugge...
Wed, Dec 19 2012, 12:10 PM
Today's trading has provided a bit of relief to yesterday's disconcerting run at technical boundaries. Even though past precedent suggests we may wel...
Wed, Dec 19 2012, 4:11 PM
The tone of the overnight session was serene and slightly positive for bond markets at first, but quickly became dicey as the pre-market domestic crow...
Tue, Dec 18 2012, 12:12 PM
Production MBS Prices are currently in line with a range of post-QE3 lows seen in late October and
traded to their lowest outright levels today sinc...
Tue, Dec 18 2012, 8:55 PM
With the help of QE3, MBS have been able to construct an impressive, even if metaphorical castle over the past four months. This can be thought of as...
Tue, Dec 18 2012, 7:46 AM
Last Wednesday, we characterized the impending FOMC-related events as "the best chance in almost a month
to see more than 5bps of movement in 10yr y...
Tue, Dec 18 2012, 4:40 PM
MBS and Treasury prices have been cliff-diving due to the Fiscal Cliff. This isn't because bond markets are worried about going over the Fiscal Cliff...
Mon, Dec 17 2012, 11:26 AM
Today's trading is kicking off the week in a mostly typical Monday sort
of way with ranges relatively contained, volume on the light side and
limi...
Mon, Dec 17 2012, 7:47 AM
After holding supportive ground on Friday, bond markets may be facing
the prospect of defending that stability before Monday's domestic
session be...
Mon, Dec 17 2012, 4:20 PM
There was very little out today by way of market moving data, at least not the kind that elicits immediate reaction in financial markets. Instead (an...
Fri, Dec 14 2012, 12:02 PM
Today was all about confirming whether or not bond markets would
be able to hold their ground before breaking through important technical
suppor...
Fri, Dec 14 2012, 7:31 AM
To whatever extent a dip into the low 104's is scary business for
Fannie 3.0 MBS or that a 10yr yield rising into the 1.7's is cause for
concern, ...
Fri, Dec 14 2012, 4:36 PM
Today was one of those sessions that seemed to unofficially end early.
Bond markets rallied all morning--albeit in a micro range for MBS--and
cam...
Thu, Dec 13 2012, 12:09 PM
Bond markets kicked off the day in unchanged-to-weaker territory,
extending yesterday's post-FOMC losses. Economic data actually made a
dent with...
Thu, Dec 13 2012, 7:28 AM
If nothing else, today should at least be "informative." When it comes to perfecting the recipe for market movement into 2013, there are too many ...
Thu, Dec 13 2012, 4:41 PM
Most of today's damage was done by 10am as bond markets walked in the
door in weaker territory and were dealt a hand of surprisingly strong
econom...
Wed, Dec 12 2012, 12:25 PM
Information received since the Federal Open Market Committee met in
October suggests that economic activity and employment have continued to
expan...
Wed, Dec 12 2012, 12:03 PM
As expected, the 10yr Treasury auction didn't pack its traditional level
of market-moving punch with the relatively much more important FOMC
event...
Wed, Dec 12 2012, 7:41 AM
Omnipresent Fiscal Cliff headlines have been muting the impact of
almost all economic events in the past several weeks. As expected,
markets have...
Wed, Dec 12 2012, 4:54 PM
Today's FOMC Announcement brought some interesting changes to way the
Fed will be communicating monetary policy going forward. The most notable ch...
Tue, Dec 11 2012, 11:54 AM
MBS have once again entered in to a narrow, sideways holding pattern,
though this morning's version follows a move to the downside at the
open. M...
Tue, Dec 11 2012, 7:18 AM
Two to three years ago , today's lineup of economic data and
market events would have been much more meaningful. International Trade
at 8:30am wo...
Tue, Dec 11 2012, 4:39 PM
As far as domestic trading hours were concerned, today was even flatter
than yesterday's exceptionally well-contained session for both MBS and
Tre...
Mon, Dec 10 2012, 11:45 AM
Domestic bond markets took most of their short term directional cues
from European events overnight, though the broader themes set the limits
of t...
Mon, Dec 10 2012, 8:45 AM
By the end of this week, bond markets will only have 8 full sessions left in 2012 .
In December, the first two week's of the month are almost alwa...
Mon, Dec 10 2012, 4:26 PM
The week got off to an exceedingly slow start, both in terms of volume and volatility, which put in their tamest performances in several weeks as far ...
Fri, Dec 7 2012, 11:50 AM
It's no surprise to see bond markets trade into weaker territory following a significantly better-than-expected Employment Situation Report .
Non-...
Fri, Dec 7 2012, 7:41 AM
The task of drawing conclusions about market fundamentals based on
post-Hurricane Sandy economic data has been frustrating at times. At
best, the...
Fri, Dec 7 2012, 4:20 PM
We've mentioned this a few times today, but it bears repeating. The
expectations for today's jobs number were--by the admission of the
economists...
Thu, Dec 6 2012, 11:59 AM
Much like the past two sessions, markets took a fair amount of guidance
from overnight events in Europe. Treasuries retested yesterday
afternoon'...
Thu, Dec 6 2012, 7:43 AM
As far as standard-issue economic reports are concerned, Thursday brings only the Weekly Jobless Claims figures,
still seen to be elevated but fal...
Thu, Dec 6 2012, 4:40 PM
Today saw the familiar pattern of "post-POMO volatility," referring to
the Fed's Permanent Open Market Operations, which are the scheduled 45
minu...
Wed, Dec 5 2012, 11:55 AM
It continues to be the case that the bulk of market reaction to Fiscal
Cliff reaction is seen in equities markets while bond markets tend to be
a ...
Wed, Dec 5 2012, 7:04 AM
Whereas Tuesday was exceptionally light in terms of scheduled economic data and events, Wednesday begins three days with significantly more for market...
Wed, Dec 5 2012, 4:36 PM
Bond markets eked out a surprisingly moderate amount of
positivity into 11am with the classic post-POMO reversal coinciding with
Fiscal Cliff he...
Tue, Dec 4 2012, 11:52 AM
In broad terms, bond markets continue to move roughly in concert with equities markets, but it's worth noting that Treasuries and MBS didn't move much...
Tue, Dec 4 2012, 7:33 AM
The well of scheduled data is effectively dry on Tuesday with no significant reports scheduled and no major overnight anticipations for Europe or Asia...
Tue, Dec 4 2012, 4:23 PM
Today was about as slow as they come in terms of--well--just about everything. Even on the approach, there were no significant economic reports sch...
Mon, Dec 3 2012, 11:48 AM
It's difficult to say for sure whether or not bond markets have had a resilient morning as a result of weaker-than-expected ISM data or if they were p...
Mon, Dec 3 2012, 7:34 AM
Heading into Monday, the latest on the Fiscal Cliff can be summed up in one word: impasse . The dangerous thing about an impasse, specific to MBS an...
Mon, Dec 3 2012, 4:29 PM
Bond markets began the session in weaker territory after a series of overnight headlines and events that generally pointed in a "risk-on" direction....
Fri, Nov 30 2012, 11:56 AM
It's not uncommon to see a bit of volatility after the almost daily
installments of the Fed's Operation Twist purchases. These almost
always occu...
Fri, Nov 30 2012, 7:19 AM
Friday arrives (does it feel sooner than recent Friday's?) with
little fanfare, at least not the kind that's on the schedule ahead of
time. There...
Fri, Nov 30 2012, 4:40 PM
It was a surprisingly uneventful month-end Friday for MBS and broader
markets alike. Stock prices and bond yields rose moderately overnight
on po...
Thu, Nov 29 2012, 12:09 PM
The headline for this morning's mid-day recap began it's life
referencing a sideways and uninspired trading session, but just before
it went out t...
Thu, Nov 29 2012, 7:19 AM
Have you ever procrastinated with a deadline? Did you find a legitimate
justification for making the delay, and if so did it make the " crunch-time ...
Thu, Nov 29 2012, 4:36 PM
It was an exceedingly tepid and flavorless session for broader bond markets, but especially for MBS.
Fannie 3.0's began the session chopping around...
Wed, Nov 28 2012, 11:44 AM
Bond markets improved steadily and uneventfully in the overnight session
ushering Treasuries 2-3 bps lower (10yr yields) and paving the way for
MB...
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