Wed, Jul 8 2015, 1:01 PM
Today's NYSE outage is all anyone can talk about at the moment, but markets haven't really paid it much attention. Keep in mind that a majority of ...
Tue, Jul 7 2015, 7:33 AM
It's a tricky, deceptive, and interesting time to be watching or trading financial markets, let alone merely discussing them with friends, colleagues,...
Tue, Jul 7 2015, 5:33 PM
The day began well for bond markets, led lower in yield by a sharp sell-off in the Euro currency overnight (lowest levels since June 1st). Other gl...
Tue, Jul 7 2015, 1:14 PM
Whether it's Greece, China, commodities, wages, stock market corrections, or the Fed's rate hike outlook, global markets are moving away from risk so ...
Mon, Jul 6 2015, 12:37 PM
Treasuries have safe haven appeal on a global scale. This is frequently seen when Asian markets are open for the first few hours of each trading day ...
Mon, Jul 6 2015, 7:33 AM
Greece held their referendum over the weekend on whether to accept the most recent batch of reform proposals form Eurozone creditors, despite those ...
Mon, Jul 6 2015, 7:13 PM
MBS and Treasuries improved at a healthy clip today, and almost exclusively due to the referendum in Greece over the weekend. The opening yields in...
Thu, Jul 2 2015, 11:39 AM
Bond markets came into the domestic session in markedly weaker territory, but not for any overt reason. Yields merely drifted defensively higher ahea...
Thu, Jul 2 2015, 7:33 AM
With markets closed tomorrow, NFP (the nonfarm payrolls component of the employment situation report) arrives a day early today, and despite all the f...
Thu, Jul 2 2015, 5:18 PM
As far as days with big initial reactions to economic data go, today was about as boring as they come. The first part of the problem was the overnigh...
Wed, Jul 1 2015, 11:52 AM
Greece's chief export these days is red herring . More of them hit the market overnight as Tsipras allegedly sent a letter saying he agreed to almos...
Wed, Jul 1 2015, 7:33 AM
Yesterday saw a fairly noticeable swoop lower in bond prices (higher in yields) at the 3pm CME bond pit close. While we live in an increasingly ele...
Wed, Jul 1 2015, 5:39 PM
The last two days were nice while they lasted , but today's trading levels are right back in line with most of last week. In other words, bonds sold...
Tue, Jun 30 2015, 11:48 AM
Although MBS are just barely into positive territory and Treasuries are just now getting back to unchanged levels after morning weakness, today is abo...
Tue, Jun 30 2015, 7:34 AM
It's a big day for Greece.
No, not today, when the country will 'default' on it's €1.7 bln payment to the IMF. No, not July 5th when the Greek pe...
Tue, Jun 30 2015, 4:10 PM
European and US headlines did their rendition of 'dueling banjos' this afternoon. On the European side, we had potentially fake news out of a country...
Mon, Jun 29 2015, 5:31 PM
Nothing like some good, old-fashioned 'stock lever' to restore one's faith in classic market paradigms. That's the one where traders " sell stocks, b...
Mon, Jun 29 2015, 2:20 PM
The early morning hours for US bond markets were somewhat disheartening as gains steadily evaporated into the 10am hour. Up until that point, it look...
Mon, Jun 29 2015, 1:51 AM
After falling abruptly from June highs near 1.14 at the start of last week, the Euro currency finished Friday under 1.12. Visually and actually, the ...
Fri, Jun 26 2015, 11:14 AM
The trend continues to be unfriendly this morning. Markets are defending against the possibility that the weekend brings a Greek debt deal. Headline...
Fri, Jun 26 2015, 7:33 AM
With bond markets unable to break back into May's trading range last week and now unable to break into last week's range this week, things aren't l...
Fri, Jun 26 2015, 5:13 PM
Paradoxically, US bond markets sold off (read: rates went higher) much more sharply than European bond markets today. That will certainly make no sen...
Thu, Jun 25 2015, 12:26 PM
At present, we mustn't try to force rate movement into historically reliable cause-and-effect equations. All we know is the answer and several of t...
Thu, Jun 25 2015, 7:33 AM
I realize that by including Greece in a headline that I'm not really helping the issue that I'm about to complain about (again), but perhaps the headl...
Thu, Jun 25 2015, 5:45 PM
Bond markets moved back toward the higher end of their recent yield range today--and indeed, the highest pivot point in 2015. 10yr yields have only b...
Wed, Jun 24 2015, 12:55 PM
For all intents and purposes, only 2 things have happened for bond markets this week. Yields rose quickly on Monday and have moved sideways since the...
Wed, Jun 24 2015, 7:33 AM
We can talk about minutia or we can talk about the big picture . Minute details vary as far as their suggested impact on bond market momentum. In...
Wed, Jun 24 2015, 5:54 PM
It was a fairly boring day for bond markets both at home and abroad. This, despite headlines surrounding the Greek debt situation that seemingly sugg...
Tue, Jun 23 2015, 8:29 PM
Bond markets continued pushing back toward recent long-term high yields today, and without any overt motivation. The overnight session saw European b...
Tue, Jun 23 2015, 7:33 AM
When I think back to 2012--the last time that global financial markets were battling back from European systemic risk drama--I remember feeling less a...
Tue, Jun 23 2015, 1:13 PM
The overnight hours were unkind to Treasuries, and paradoxically so. Although European yields did begin the day moderately higher, they quickly fell ...
Mon, Jun 22 2015, 12:24 PM
As expected, this week is already seeing a surge in deal-making headlines surrounding Greece . Depending on which headline you like, you mike be con...
Mon, Jun 22 2015, 7:33 AM
Since at least 2010, European and US markets/economies have been trading blows in the fight to control market momentum. Actually, the real fight isn'...
Mon, Jun 22 2015, 4:37 PM
Right from the start of the overnight session, global bond markets were on the back foot. During Asian hours, this was contained to a 3bp spike in 10...
Fri, Jun 19 2015, 12:28 PM
The overnight session was uneventful for US bond markets with most of the action consisting of Europe catching up to yesterday's afternoon rally in ...
Fri, Jun 19 2015, 7:33 AM
Good old 2015. January was quite nice for fans of low rates. The hotly anticipated ruling from the European Court of Justice on QE was about to be h...
Fri, Jun 19 2015, 3:50 PM
Without too much regard for European bond markets or Greek headlines (despite what you might have heard), US bond markets were stronger this morning. ...
Thu, Jun 18 2015, 11:42 AM
Following yesterday's FOMC events, bond markets rallied back in line with recent low yields. With the rally taking place in the afternoon, Asian and ...
Thu, Jun 18 2015, 7:32 AM
Who's reacting to whom? We know that Europe is the primary source of upward pressure on rates over the past two months. We also know the Fed's rat...
Thu, Jun 18 2015, 4:17 PM
It's getting to be quite a miraculous thing--the extent to which market participants have been attempting to manipulate every little Greek headline....
Wed, Jun 17 2015, 12:50 PM
Should I lock or float? Should I be advising clients to lock or float? Is the Fed going to help or hurt rates?
2 of these 3 common pre-Fed que...
Wed, Jun 17 2015, 7:34 AM
Market participants and pundits alike knew that the Fed wouldn't hike rates at the April meeting. Even then , that meeting served as the starting po...
Wed, Jun 17 2015, 4:42 PM
Today turned out to be a fun little diversion for US traders. It's as if they were turned loose to play in the sandbox without the oversight of their...
Tue, Jun 16 2015, 12:16 PM
Europe has been in the driver's seat throughout the day as far as domestic bond markets are concerned. While Treasuries were doing fairly well as the...
Tue, Jun 16 2015, 7:33 AM
Let's see... What can we talk about other than tomorrow's FOMC events? I sprinkled Fed references into headlines as early as last week because, apar...
Tue, Jun 16 2015, 4:54 PM
Nice rally today. 10yr yields hit their lowest levels since June 5th and MBS hit their 'roll-adjusted' highs over the same time frame. Gains were in...
Mon, Jun 15 2015, 12:17 PM
The overnight and early domestic sessions were both strongly positive for bond markets. A more substantive Greek debt impasse kicked off the overni...
Mon, Jun 15 2015, 7:33 AM
This is one of the biggest weeks of the year. The main reason for that is Wednesday's series of FOMC events. At every other meeting, the Fed adds ...
Mon, Jun 15 2015, 6:21 PM
Markets were abuzz --relatively speaking--with overnight news that the latest hopes for a Greek debt deal were dashed over the weekend. This was the...
Fri, Jun 12 2015, 7:33 AM
Yesterday was great! While we could poke holes in motivation for such a big rally by pointing out that it began from the weakest levels in 8 months...
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