Thu, Jul 30 2015, 11:34 AM
Bond markets came into the domestic session in slightly weaker territory owing largely to losses that occurred right at the start of the overnight ses...
Thu, Jul 30 2015, 7:33 AM
The direction of the trend in rates (or "bond markets") varies depending on the time frame in question. For instance, looking back to the 1980's, rat...
Thu, Jul 30 2015, 4:51 PM
As of mid-July bond markets seem to have put their foot down with respect to the relationship between long and short term rates. With the economic ...
Wed, Jul 29 2015, 11:37 AM
Bond markets have continued taking measured steps back from the strongest levels in nearly 3 weeks seen on Monday. So far, today's selling pressure...
Wed, Jul 29 2015, 7:33 AM
Although Pending Home Sales will be out this morning at 10am, and although that's fairly interesting data in its own right, today's broader market foc...
Wed, Jul 29 2015, 6:23 PM
The Fed made a few token changes to its policy statement today, but as expected, no overtures for an impending rate hike. At least that wasn't the ca...
Tue, Jul 28 2015, 11:24 AM
Bond markets pulled back overnight on a combination of global stock market stability and European data. Selling pressure remained this morning as c...
Tue, Jul 28 2015, 7:33 AM
When bond markets have strung together as many winning days as they have recently (or even when they've seen this many consecutive days without any no...
Tue, Jul 28 2015, 5:43 PM
MBS ended the day in slightly weaker territory, and they did so in about the gentlest possible way . The domestic session began with trading levels ...
Mon, Jul 27 2015, 12:10 PM
S&P futures were well-connected with overnight Treasury trading as global weakness set the tone early. Chinese stocks are back in the news with ano...
Mon, Jul 27 2015, 7:33 AM
The last 2 weeks have been woefully uneventful and moderately positive for bond markets. Each week saw modest losses on Monday and gains on each subs...
Mon, Jul 27 2015, 5:48 PM
Bond markets continued their recent trend of moderate improvement today. As has been more commonly the case, Treasuries outperformed MBS, but only ...
Fri, Jul 24 2015, 7:33 AM
What if it's all not enough--the multiple iterations of QE at home, ongoing QE abroad, ultra low rates for longer than they've ever been ultra low, an...
Fri, Jul 24 2015, 5:32 PM
As you may have noticed, there are three MBS Commentary articles every day, regardless of how much ground we need to cover in terms of news, events, a...
Fri, Jul 24 2015, 1:16 PM
I'll be the first to tell you that bond yields don't always follow stocks . Indeed, explicating their complicated relationship was the whole point o...
Thu, Jul 23 2015, 7:33 AM
One of the greatest disservices to the average market-watcher is the age old notion of stocks being the opposite of bonds. This phenomenon is refer...
Thu, Jul 23 2015, 6:00 PM
Jobless Claims were exceptionally strong this morning, coming in low enough for such cute headline phrases as "lowest since 1973." True, the number i...
Thu, Jul 23 2015, 1:20 PM
For the 4th consecutive day, bond market trading was exceptionally calm overnight with Treasury yields continuing to hold the same recent range. Th...
Wed, Jul 22 2015, 7:33 AM
After last month's Existing Home Sales tally came in at an annualized pace of 5.35mln, this month's result will be within striking distance of a 9 yea...
Wed, Jul 22 2015, 5:24 PM
Little has changed from the mid-day summary. In it, we discussed the fact that today's economic data and corporate bond issuance constituted headwind...
Wed, Jul 22 2015, 1:24 PM
Looking at charts, we might well conclude that bond market trading remains uneventful. This wouldn't be a surprise , after all, considering the here...
Tue, Jul 21 2015, 12:42 PM
We've been talking about the lack of passion, news, and trading activity over the past few days, but as of this morning, we'd only really seen rates m...
Tue, Jul 21 2015, 7:33 AM
Australia will release its CPI data today. It doesn't have any bearing on interest rates in the US, and there's no reason for you to know that it's...
Tue, Jul 21 2015, 5:23 PM
Within the recent context of the summer doldrums in bond markets, today was a bit more upbeat. It didn't begin that way though. After a purely flat...
Mon, Jul 20 2015, 7:33 AM
Thanksgiving, Spring Break, or Christmas are the likely candidates for the busiest travel times of the year, right? While that would stand to reason,...
Mon, Jul 20 2015, 5:42 PM
Today's session did a great job sticking to its likely script. That means that it was exceptionally uneventful in terms of volume and volatility. ...
Mon, Jul 20 2015, 1:34 PM
First and foremost, the overriding theme today is that it's every bit the uninspired session we expected it to be. Part of that expectation was that ...
Fri, Jul 17 2015, 12:02 PM
The clear message from today's trading range in bond markets is that this weekend will finally be an actual weekend. That's a change of pace from the...
Fri, Jul 17 2015, 7:33 AM
There are three moderately important economic reports on tap today. In fact, 2 of them--CPI and Housing Starts--can be fairly respectable market mov...
Fri, Jul 17 2015, 5:41 PM
Domestic bond marched to their own beat today, holding much steadier than European bonds overnight and standing their ground against a stock rally thi...
Thu, Jul 16 2015, 10:32 AM
First off, it's important to note that everything is still playing out inside a narrow range overall. We're about to discuss improvements in bond m...
Thu, Jul 16 2015, 7:33 AM
Greece voted overwhelmingly in favor of accepting the bailout terms negotiated this past weekend. The vote took place after the closing bell yesterda...
Thu, Jul 16 2015, 6:25 PM
Greek votes, German votes, European official comments, Draghi Press conference, Jobless Claims, NAHB, Philly Fed, Greek bridge loans, and more congres...
Wed, Jul 15 2015, 7:32 AM
Both in terms of scheduled data on the calendar and unscheduled headline potential from Greece, today is action-packed. The domestic economic data is...
Wed, Jul 15 2015, 5:49 PM
Most of Yellen's congressional testimony today was occupied by political axe-grinding rather than thoughtful dialogue on the path of monetary policy. ...
Wed, Jul 15 2015, 1:45 PM
It's been a tremendously busy morning for bond markets with news coming in on multiple fronts. Not only that, but much of the news is at least worthy...
Tue, Jul 14 2015, 11:56 AM
We've had a nice little break from the recent norm today. Domestic economic data is actually responsible for the lion's share of bond market moveme...
Tue, Jul 14 2015, 7:33 AM
Hindsight is 20/20, but only for those with both eyes open. Unfortunately and comically, Treasury, The SEC, The Fed, and The CFTC still aren't lookin...
Tue, Jul 14 2015, 7:24 PM
There's nothing new to report from the MBS Mid-Day as bond markets continued to trade well within the morning's range through the close. The best lev...
Mon, Jul 13 2015, 7:33 AM
"Tsipras, and a majority of the Greek population (according to polls), want to stay in the EU, but no longer wish to abide by the austerity measures t...
Mon, Jul 13 2015, 5:03 PM
It's not immediately apparent when looking at 10yr yields being roughly 5.5bps higher this afternoon, but bond markets largely deferred their reaction...
Mon, Jul 13 2015, 1:58 PM
When is the be-all end-all Greek bailout negotiation weekend not the be-all end-all Greek bailout negotiation? When it ends with both sides going ba...
Fri, Jul 10 2015, 7:32 AM
A trend channel is a set of two parallel lines connecting the highs and lows of a charted security. One way to visually describe a trend channel wi...
Fri, Jul 10 2015, 6:44 PM
Bond markets had been limping back toward slightly stronger territory heading into the afternoon. (Keep in mind, of course, that's stronger territo...
Fri, Jul 10 2015, 1:41 PM
To many, Greece is the boy who cried wolf when it comes to negotiating reforms in exchange for aid from its Eurozone creditors. So when the week be...
Thu, Jul 9 2015, 12:34 PM
Domestic bond markets have taken part in a choppy, volatile, but reasonably strong move away from risk every day so far in July. That means rates hav...
Thu, Jul 9 2015, 7:32 AM
There's very little left on the domestic calendar this week in terms of economic data. Today brings only Jobless Claims in the morning and the 30yr...
Thu, Jul 9 2015, 6:51 PM
The easiest promise to make for 2015 has been that of volatility . It's not the worst we've ever seen, but it continues at a healthy pace in terms o...
Wed, Jul 8 2015, 7:33 AM
Bond market volatility (and indeed market volatility in general) continue to be a hallmark of 2015. This has been a common theme in financial news ...
Wed, Jul 8 2015, 6:52 PM
Treasuries began the overnight session moving lower in yield with Asian equities markets once again selling-off. Shortly after Europe came online, th...
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