Thu, Apr 11 2019, 6:33 PM
As expected, the result of the emergency EU summit overnight was a hefty brexit extension, giving the UK until 10/31 to approve a compromise deal to l...
Thu, Apr 11 2019, 10:32 AM
Global financial markets caught a glimpse of a world with 10yr yields above 3% in late 2018, and they didn't like it. A combination of stock selling ...
Wed, Apr 10 2019, 5:04 PM
European Central Bank (ECB) president Mario Draghi is getting very good at telling the world that the EU economy is in dire straits, but not to worry ...
Wed, Apr 10 2019, 10:02 AM
Wednesday is off to a good start with friendly inflation data leading things off at 8:30am and an even friendlier press conference from European Centr...
Tue, Apr 9 2019, 5:29 PM
Treasuries were stronger today while MBS were mostly weaker. These days can happen, and they're all the more likely when a few key variables are pres...
Tue, Apr 9 2019, 9:20 AM
There are no significant economic reports or scheduled events on the calendar today, unless you count the 3yr Treasury auction at 1pm (and you probabl...
Mon, Apr 8 2019, 6:33 PM
Back on Thursday afternoon, bonds/rates looked like they were just wrapping up the process of rising into position between the old range and the new r...
Mon, Apr 8 2019, 9:46 AM
At first glance, this week's economic calendar is fairly light, with Wednesday's Consumer Price Index (CPI) being the only upper-tier report in terms ...
Fri, Apr 5 2019, 5:39 PM
The tale of two ranges continued in grand fashion overnight as 10yr yields made it all the way to the top of the lower, better range seen since the Ma...
Fri, Apr 5 2019, 8:20 AM
Yesterday's bond market volume was as low as it's been since Monday, March 18th. Then, like now, bonds were on the approach to a big potential market...
Thu, Apr 4 2019, 5:27 PM
Bonds were very modestly stronger today, although the more important takeaway is that they effectively held in line with the highest yields of the pas...
Thu, Apr 4 2019, 10:04 AM
We've talked a lot about 2.55% in 10yr yields as an important floor for most of Q1 2019. It was broken after the Fed's March 20th announcement. For ...
Wed, Apr 3 2019, 4:34 PM
The title of yesterday's recap was "Don't Call It a Comeback," and today's weakness is why. Well, to be fair, since I'm always the first to tell you ...
Wed, Apr 3 2019, 10:01 AM
With 10yr yields beginning the day well over 2.50% and with 2.55% being the line in the sand marking the breakout from the sideways range at the begin...
Tue, Apr 2 2019, 5:08 PM
Bonds made some gains today, much to the relief of anyone who didn't really care to see rates explode higher after hitting long-term lows last week. ...
Tue, Apr 2 2019, 10:40 AM
It's no mystery at this point that the US bond market has exited its steep, directional, and super friendly move to long-term lows over the past few d...
Mon, Apr 1 2019, 5:45 PM
First thing's first, there's not much about a 10bp gain in 10yr yields and nearly a half a point of MBS weakness that would be considered "mini," but...
Mon, Apr 1 2019, 9:41 AM
In terms of directional movement, things have been great for bond markets since early November 2018. Much of that greatness, however, felt more like ...
Fri, Mar 29 2019, 3:54 PM
Bonds began the day in weaker territory, threatening to confirm a 2 day move that ends March's impressive run. Weakness remained intact all day but b...
Fri, Mar 29 2019, 10:36 AM
While the notion that "all good things come to an end" is the subject of philosophical debate, it's a safe bet that all awesome bond rallies will even...
Thu, Mar 28 2019, 6:01 PM
It's very easy to fall into the trap of allowing gains or losses to dictate one's market sentiment on any given day. For instance, am I more likely to...
Thu, Mar 28 2019, 9:40 AM
It's no secret that bonds have rallied impressively in March. The bigger and faster a rally is, the more we may worry about the risk of a bounce. To...
Wed, Mar 27 2019, 5:36 PM
The notion of contrarian indicators is pretty interesting when it comes to the bond market, at least when it comes to investor sentiment. I take pa...
Wed, Mar 27 2019, 9:57 AM
"Science" may not be exactly the right term, but let's look at the recent bond market gains under an objective microscope. In so doing, we will see t...
Tue, Mar 26 2019, 5:51 PM
All things being equal, today was a fine day for the bond market. Sure, 10yr yields ended the day 2bps higher than yesterday's latest levels, but in ...
Tue, Mar 26 2019, 10:09 AM
Quite a few talking heads and analysts referred to last Wednesday's post-Fed rally as 'overdone.' They pointed to Thursday's moderate weakness as evi...
Mon, Mar 25 2019, 6:13 PM
There were no significant economic reports today and no obvious market-moving news headlines. Nevertheless, bonds went on yet another snowball rally ...
Mon, Mar 25 2019, 9:39 AM
From a calendar standpoint, the most notable thing about the week ahead is that it's the final week of the month/quarter. This usually means we'll ...
Fri, Mar 22 2019, 10:59 AM
Sometimes a plan comes together and sometimes an educated guess pans out. While it's never safe to plan on any future reality (other than "uncertai...
Thu, Mar 21 2019, 6:23 PM
Apparently it took the 9:30am NYSE opening bell ringer for stocks to truly realize what just happened. The Fed announcement on Wednesday was their wa...
Thu, Mar 21 2019, 10:27 AM
In case you missed yesterday, it was a doozy. Here are a few links that would help you get caught up:
Here's Why Bonds Loved The Fed (And It's ...
Wed, Mar 20 2019, 6:00 PM
You may see news stories about the Fed shifting its rate hike outlook (conveyed in a dot plot often referred to as "the dots") to "zero hikes in 2019,...
Wed, Mar 20 2019, 2:09 PM
Below are the differences in the first paragraph of the current Fed statement as compared to the previous version from January 30th, 2019. There were...
Wed, Mar 20 2019, 8:45 AM
Today's only key event will be the Fed Announcement , which is actually 3 events in 1. At 2pm, we'll get the policy announcement itself as well as t...
Tue, Mar 19 2019, 4:17 PM
Bonds began the day in weaker territory following overnight headlines suggesting European leaders would be going up to bat for a compromise Brexit d...
Tue, Mar 19 2019, 9:36 AM
Rates staged an impressive rally in November and December before bottoming out on the first trading day of 2019. The bounce was fairly abrupt at th...
Mon, Mar 18 2019, 5:02 PM
For the bond market St Paddy's day was a 2 week celebration of "green" (as in the color of price gains or falling yields on trading terminals) beginni...
Mon, Mar 18 2019, 9:18 AM
This week's economic calendar is exceptionally light, with no true top-tier reports. Even the 2nd-tier data is limited with Philly Fed on Thursday an...
Fri, Mar 15 2019, 7:39 PM
Uncertainty has reigned supreme for much of 2019 as traders weigh shifting economic data, potential data inconsistencies (due the shutdown), trade pol...
Fri, Mar 15 2019, 9:22 AM
People who write articles every day love holidays and other dates that offer some reprieve from the need to be creative when it comes to writing headl...
Thu, Mar 14 2019, 5:14 PM
In the bigger picture, we'll look back at today's intraday trading range and it will be completely meaningless--among the narrower days of 1st quarter...
Thu, Mar 14 2019, 9:56 AM
Top line, bottom line: Brexit is a big deal. Without the Brexit referendum in mid-2016, US bond yields never would have revisited all-time lows. It'...
Wed, Mar 13 2019, 5:05 PM
For the most part, today was marked by the same sort of resilience seen on several recent occasions where bond yields have either held steady or fall...
Wed, Mar 13 2019, 9:52 AM
Yesterday saw bonds tag their best levels since early January (Jan 3rd was the only day in over a year where yields closed any lower) on a combination...
Tue, Mar 12 2019, 4:18 PM
There were three salient market movers for the bond market today with one of them being a 2-parter.
First up was Brexit news in the overnight sess...
Tue, Mar 12 2019, 9:48 AM
Just as yesterday's domestic trading hours ended, British Prime Minister Theresa May met with EU leaders to try to tweak the Brexit proposal enough to...
Mon, Mar 11 2019, 4:38 PM
Today brought the Retail Sales report, which was responsible for a fairly big reaction the last time it came out. This time around, the reaction was ...
Mon, Mar 11 2019, 9:48 AM
Stop me if you've heard this one before. There's this range in early 2019... It was consolidating. Then it broke. Now it's sideways.
Unless you'...
Fri, Mar 8 2019, 4:14 PM
From bumpy ride to smooth sailing: bonds gained more ground this week than they lost during last week's range-breaking sell-off. I firmly believe tha...
Fri, Mar 8 2019, 9:35 AM
Truth is stranger than fiction sometimes. In today's case, the fiction is the fairly logical story most traders would write in their minds. That sto...
MBS Market Alerts
