Fri, Jan 14 2011, 5:36 PM
So many things about the bond market are suggesting it has no pulse at the moment. But in an extreme paradox, this is perhaps the most exciting thing...
Fri, Jan 14 2011, 4:17 PM
The STEADINESS and calm, methodical march higher in yield this afternoon is unnerving. No short/medium/long term technicals are shifting, and volume i...
Fri, Jan 14 2011, 2:03 PM
Unfortunately the defensive nature we expected to see heading into this rates rally is becoming more obvious as we inch closer to the long weekend ahe...
Thu, Jan 13 2011, 11:21 AM
Liquidity is thin and price volatility has picked up this morning after yesterday's well-attended 10yr TSY note auction. There are all sorts of factor...
Thu, Jan 13 2011, 10:40 AM
Liquidity is thin and price volatility has picked up this morning after yesterday's well-attended 10yr TSY note auction. There are all sorts of facto...
Thu, Jan 13 2011, 8:22 AM
Benchmark interest rates are largely unchanged as are equity futures this morning ahead of a rush of data and events.
Thu, Jan 13 2011, 4:17 PM
As expected, considerations surrounding auctions have dominated momentum this week. Friday will now take it's turn with the final say. It's unlikely t...
Thu, Jan 13 2011, 2:21 PM
It's been a good week so far, with an acceptable amount of validation of the post-NFP range. If pre-NFP weakness isn't retraced tomorrow, it's anothe...
Wed, Jan 12 2011, 12:26 PM
With about an hour left before the auction, and with most of the recent movement in treasuries adhering rigidly to a defined technical framework, let'...
Wed, Jan 12 2011, 11:16 AM
As stocks have crept into their highest levels of the morning, bonds are at their weakest levels with the 10yr now above 3.41 and FNCL 4.5's at 101-31...
Wed, Jan 12 2011, 8:27 AM
Benchmark interest rates backed up overnight as equity futures approached their highest levels since September 2008. This move is built on improved i...
Wed, Jan 12 2011, 5:43 PM
Classic pivot move.... Knock on one side of the door, leave the house, knock on the other side, move on... Let's just hope that "moving on" is the gam...
Wed, Jan 12 2011, 4:19 PM
After 10yr yields hit a resistance bounce at the bottom of their recent trend channel higher in yield, they subsequently broke lower and returned to t...
Wed, Jan 12 2011, 2:39 PM
PRODUCER MARGIN SQUEEZE STEALS WAGE RATE HIKES : The cost of
production inputs continues to rise and while a few districts noted
selective attempt...
Wed, Jan 12 2011, 1:13 PM
Buy side demand was strong even though direct bidder participation was a bit weaker than usual, indirects more than made up for missing demand. Tradi...
Tue, Jan 11 2011, 11:41 AM
In typical pre-auction fashion, bond traders are selling short benchmark TSYs in an effort to cheapen up their debt underwriting costs. While producti...
Tue, Jan 11 2011, 11:15 AM
10 minute totals in treasury futures shortly after 10am rose to surpass yesterdays highest readings, indicating volume is returning to the market and ...
Tue, Jan 11 2011, 7:50 AM
Equity futures are on the rise and interest rates are backing up a bit after news hit wires that Japan is planning to buy European debt in an effort t...
Tue, Jan 11 2011, 4:16 PM
January delivery Fannie and Freddie 30 year fixed MBS coupon have begun the settlement process and it will soon look like MBS prices just plummeted (m...
Tue, Jan 11 2011, 3:23 PM
You won't notice the effects tomorrow. Lenders have been building loan pricing based on the February coupon for several weeks already. Lenders must ...
Tue, Jan 11 2011, 1:08 PM
In terms of the non-dealer bid (directs and indirects), this is the third consecutive 3-year note auction where dealer participation has declined and ...
Mon, Jan 10 2011, 11:22 AM
Reuters notes that the Fed will begin consolidating CUSIPS (tracking numbers on MBS) in it's portfolio from 44,000 to less than 10,000, citing adminis...
Mon, Jan 10 2011, 8:10 AM
No new data hits the market today, but later in the week we’ll see retail sales, two inflation reports, the trade balance, a preliminary consumer sent...
Mon, Jan 10 2011, 4:56 PM
Morning price action was supportive of an extension of Friday's data-driven interest rate rally. The move was uneventful and uninspiring though...
Mon, Jan 10 2011, 4:18 PM
After the 3pm bond market close, 10yr yields have diverged from stocks as both markets make gains (yields down in bonds as stock indices move higher)....
Mon, Jan 10 2011, 1:54 PM
It's turning into a sideways, low volume afternoon. With Japan out today, zero data, and TSY auctions to come still this week, there is little motiv...
Fri, Jan 7 2011, 10:34 AM
Price action has been encouraging so far today, but the rally has not ventured outside the range we discussed last night. With 10s approaching 3.30% w...
Fri, Jan 7 2011, 8:30 AM
The December Employment Situation Report has been released. The market is digesting two diverging headlines.
Fri, Jan 7 2011, 8:21 AM
Benchmark Treasury yields are a few bps higher and equity futures are slightly improved as investors wait for the December nonfarm payrolls employment...
Fri, Jan 7 2011, 5:28 PM
Clearly the Household Survey paints a much different picture of reality than the Establishment Survey. Wall Street tends to focus on the growth implie...
Thu, Jan 6 2011, 11:17 AM
10yr yields are once again knocking on the door at 3.4287, remember they need to make it past 3.42 to confirm!
Thu, Jan 6 2011, 9:48 AM
The market has become more optimistic for Friday’s non-farm payrolls report since Wednesday’s ADP survey tripled expectations by showing a private pay...
Thu, Jan 6 2011, 5:48 PM
A Reuters poll showed they now foresee the U.S. added 175,000 jobs last month, up from 140,000 before the ADP number was released. Last month’s figure...
Thu, Jan 6 2011, 4:17 PM
3.42+ continues to turn away rising yields as we tick into the less liquid after hours part of the day. The ability of benchmark treasuries to hold su...
Wed, Jan 5 2011, 11:23 AM
The case is not necessarily closed, but so far this support zone has held up admirably with a few bounces off the the high side closer to 3.43 and ple...
Wed, Jan 5 2011, 9:21 AM
The Employment Situation Report prints on Friday. This data has been our focus for the last two weeks. Why?
Wed, Jan 5 2011, 8:37 AM
The Fed seemed to soothe bond buyers yesterday with generally dovish FOMC Minutes. Dovish = low inflation, low interest rate environment. While the un...
Wed, Jan 5 2011, 8:10 AM
Equity futures are lower and bonds are better on Wednesday morning as investors await key indicators on employment and the services industry.
Wed, Jan 5 2011, 4:15 PM
Supposedly strong JOBS DATA was the culprit behind today's forced liquidation of post 7-year note auction longs and the ultimate retest of 3.50% (prof...
Wed, Jan 5 2011, 4:15 PM
It makes more sense to view recent yield highs merely as a convenient location for things to run out of steam in this seller-dominated trading day. Af...
Wed, Jan 5 2011, 2:55 PM
Bargain hunters have parked their wallets and moved to the sidelines and sellers are making their presence known in the "rate sheet influential" belly...
Wed, Jan 5 2011, 1:42 PM
The "Live MBS Updates" Section of our new MBSonMND Dashboard has been a great indicator of that volatility today. It is updated as market conditions w...
Tue, Jan 4 2011, 11:17 AM
A trader from Cantor Fitzgerald wrote, "In order to win in 2011, you need to be right about the timing of the economy turning around. In my mind it's ...
Tue, Jan 4 2011, 8:34 AM
Both Treasury yields and S&P futures moved mostly sideways in Asian trading before making a directional move as London came back to work around 3AM e...
Tue, Jan 4 2011, 4:17 PM
10's tested this morning's highs in earnest, briefly eclipsing the 3.3578 mark from 9:54 AM to touch 3.361, but have since returned to sub 3.34 levels...
Mon, Jan 3 2011, 11:17 AM
10yr yields fell all the way to AM lows at 3.36, but have since ticked just slightly higher. So 3.36 to 3.42 marks the range in 10yr Treasuries this m...
Mon, Jan 3 2011, 10:35 AM
Because trading conditions are still illiquid and investors are still shaking out the cobwebs, tactical considerations remain the primary (un) inspira...
Mon, Jan 3 2011, 8:30 AM
Happy New Year. Welcome to MND 3.0! After 12 months of planning and hard work, we are very excited to launch the updated site. We've added and improv...
Mon, Jan 3 2011, 5:53 PM
Chart or no chart, it SHOULD all boil down to the big ticket economic items this week: FOMC minutes and Employment Situation Report.
Mon, Jan 3 2011, 4:23 PM
On average, loan pricing is 28.2bps better than it was last Thursday. We did not update our model on Friday. Improvements are pretty consistent across...
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