Fri, Dec 11 2015, 6:46 PM
If you didn't catch the mid-day commentary , it has a good recap of most of the day's activity. If you're not into links, here are the important par...
Fri, Dec 11 2015, 1:58 PM
Life isn't always fair for MBS. Sure, there was QE3 which specifically targeted MBS over Treasuries, leaving the latter out in the cold on a relative...
Thu, Dec 10 2015, 9:09 AM
My apologies for the commentary coming out later than normal a few times this week. I've been doing battle with water here in the Pacific Northwest, ...
Thu, Dec 10 2015, 5:46 PM
At 9am, domestic bond markets were just barely clawing their way into positive territory after an uneventful overnight trading session. That made f...
Thu, Dec 10 2015, 1:44 PM
There continues to be very little to discuss in terms of interesting, relevant market developments this week. Chalk this up to the theme we've discus...
Wed, Dec 9 2015, 9:06 AM
Are you more of a glass-half-full or glass-half-empty kind of person? There's something for everyone hiding in yesterday's ostensibly boring bond mark...
Wed, Dec 9 2015, 5:21 PM
Today's bond market movements were a bit more pronounced than yesterday's, but similar in some regards. The first similarly was the inconsequential...
Wed, Dec 9 2015, 1:23 PM
Bond markets began the domestic session in slightly weaker territory after an overnight session that was almost completely uneventful. The two key t...
Tue, Dec 8 2015, 7:32 AM
"Distance makes the heart grow fonder," as they say. To some extent, it's the same for bonds markets and trading inspiration: the lower the inspirati...
Tue, Dec 8 2015, 7:11 PM
Bond markets had an exceedingly acceptable day. MBS and and Treasuries were generally in stronger territory by the end of the day, but by too small a...
Tue, Dec 8 2015, 2:12 PM
The overnight session was both informative and positive for bond markets. The informative part was the technical floor seen in 10yr yields (2.20) a...
Mon, Dec 7 2015, 7:33 AM
This week begins not with any sort of exciting data or scheduled events, but rather with a mission: sorting out whether last week's violent spike on T...
Mon, Dec 7 2015, 6:46 PM
Bond markets put in another solid day of gains today, and have now erased more than half of last Thursday's losses. If we go all the way back to the ...
Mon, Dec 7 2015, 2:39 PM
Bond markets began the overnight session in just slightly weaker territory, but never entered into a negative trend during. European bond markets ral...
Fri, Dec 4 2015, 7:33 AM
In yesterday's recap, I asserted that the crazy sell-off was 100% about Draghi and negative infinity percent about Yellen's congressional testimony. ...
Fri, Dec 4 2015, 7:02 PM
If the Draghi sell-off was an unmitigated disaster yesterday, it's only a plain old disaster today. In fact, even 'disaster' may be too strong a wor...
Fri, Dec 4 2015, 2:07 PM
This morning's NFP data came in just a bit hotter than expected at 211k vs a median forecast of 200k. Revisions were fairly strong, but wage growth...
Thu, Dec 3 2015, 10:03 PM
It was Draghi! Not Yellen!
You know me (maybe?). I hate those cheesy headlines with the "THIS" that alludes to what the headline should have jus...
Thu, Dec 3 2015, 7:33 AM
Remember 2011-2012? Sure there was some fun domestic stuff, like the first major debt ceiling battle, Operation Twist, and QE3, but for the most part...
Thu, Dec 3 2015, 1:46 PM
The headline is no joke . In terms of the change from the previous close, bond market have lost more ground today than any other day since mid 2013....
Wed, Dec 2 2015, 7:32 AM
I saw a lot of this type of stuff yesterday, both in the news and in less public circles: something to the effect of the recently weak data giving th...
Wed, Dec 2 2015, 7:14 PM
Bond markets had been trending in an unfriendly direction all day . The charts on the dashboard don't capture the strength of the trend because it b...
Wed, Dec 2 2015, 2:17 PM
Yesterday's ISM data may have sparked some hope for a long-shot, come-from-behind, Cinderella story victory for a weak economy making an argument agai...
Tue, Dec 1 2015, 8:51 AM
The end of November was a supportive environment for longer-dated Treasuries like 10yr notes and 30yr bonds. The MBS that most directly affect rate...
Tue, Dec 1 2015, 5:43 PM
Granted, it would be a long shot, and it would require the rest of the week's data playing along, but bond markets are suddenly considering that the r...
Tue, Dec 1 2015, 1:56 PM
Bond markets are in the midst of their best day of trading since October 2nd. For perspective, that says less about how strong things are today and m...
Mon, Nov 30 2015, 12:40 PM
In many ways, today still has the feel of the holiday-shortened Thanksgiving week. Markets have been slow to move and generally not interested in rea...
Mon, Nov 30 2015, 8:28 AM
While there were plenty of scheduled data and events last week, their impact was severely limited by the holiday trading dynamics (where bonds usually...
Mon, Nov 30 2015, 5:37 PM
Today was a largely uneventful return from the extended weekend with bond markets doing very little to react to news or economic reports. Chicago PMI...
Fri, Nov 27 2015, 8:49 AM
Welcome to the slowest day of the year for bond markets. While markets are technically "open" until 2pm Eastern, that only means that the 2 or 3 peop...
Fri, Nov 27 2015, 1:54 PM
Black Friday is billed as the lightest day of the year for bonds, and today did not disappoint. Fannie 3.5s drifted sideways in a 2 tick range (narro...
Wed, Nov 25 2015, 7:56 AM
It's the day before before Thanksgiving, and bond markets couldn't be any less interesting if they tried. Have you ever been so enticed to continue r...
Wed, Nov 25 2015, 6:09 PM
Trading activity was fairly decent in bond markets today--especially considering the seasonal norms, though this is largely a factor of Thanksgiving f...
Wed, Nov 25 2015, 1:28 PM
Bond markets have had plenty of would-be market movers thrown in their general direction today. This began in the overnight session with massive mo...
Tue, Nov 24 2015, 7:34 AM
As is often the case on the week of Thanksgiving, the regularly-scheduled economic data continues apace, even if it must be crammed into fewer days th...
Tue, Nov 24 2015, 5:39 PM
This continues to be one of the most anomalous Thanksgiving weeks in the history of Thanksgiving weeks--at least as far as bond markets are concerne...
Tue, Nov 24 2015, 1:43 PM
The only significant development for markets today in terms of news or economic data was the overnight news that Turkey shot down a Russian fighter je...
Mon, Nov 23 2015, 9:37 AM
Last Friday, I talked about some of the general bond market dynamics we tend to see around this time of year. It wouldn't be a bad idea to check tha...
Mon, Nov 23 2015, 5:36 PM
Traders punched the clock, made their trades, and went home today. Before the clock-punching, there was the overnight session, in which European bond...
Mon, Nov 23 2015, 1:38 PM
The story of today is largely a two-parter, and a fairly simple one at that. Part 1: bonds weaker in Europe. Part 2: bonds stronger in the US. The ...
Fri, Nov 20 2015, 9:09 AM
For bond markets, the week of the Thanksgiving holiday tends to be fairly formulaic . It's not that the same thing happens every year, but with almo...
Fri, Nov 20 2015, 5:10 PM
Once again, the bulk of the day's recap was inadvertently captured in the mid-day-commentary. Feel free to read that instead of this if you want. ...
Fri, Nov 20 2015, 1:47 PM
If illiquidity shows up for the start of the holiday trading season and says "I come bearing gifts!" you do not want those gifts. They typically cons...
Thu, Nov 19 2015, 8:34 AM
There is no question that the Fed hinted at a brave new world for global interest rates in yesterday's Minutes release, but for most market participan...
Thu, Nov 19 2015, 5:18 PM
This will largely be a rehash of the Mid-Day commentary as it captured all of the day's relevant themes. The themes in question are at least threefo...
Thu, Nov 19 2015, 1:28 PM
Staying on this topic of yesterday's weird juxtaposition of analysis from the Fed, today's trading is fairly logical. The juxtaposition in question i...
Wed, Nov 18 2015, 7:33 AM
If I were to deliver my normal pre-Fed shtick, I would probably point out the fact that the Fed has a tendency to use the Minutes release to promote a...
Wed, Nov 18 2015, 6:22 PM
As expected, today's Fed Minutes were a non-event. Well, almost... While the bulk of the Minutes release was simply a wordier version of the October...
Wed, Nov 18 2015, 1:32 PM
With the 2pm release of the Minutes from the most recent Fed meeting less than an hour away, bond markets are clearly in consolidation mode. Both Tre...
Tue, Nov 17 2015, 8:30 AM
We had a good run last week of modest gains that followed the abrupt selling-spree that began in late October. In other words, rates rose quickly , ...
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