Uneventful Week Continues


Wed, Jan 25 2023, 3:55 PM

Next time bond traders have a hard time getting to sleep, they could just read a recap of how this week.  Sure, we’re only 3 days in and things could certainly change in the next 48 hours, but for now, ZZZzzzz….  Today’s only discernible intraday movement followed comments from the Bank of Canada’s governor regarding the “conditional” nature of their rate hike pause.  Even then, the move was mild and bonds quickly recovered.  A strong 5yr Treasury auction helped reinforce the recovery.  

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08:43 AM

Flat to slightly weaker in Asia.  Rallying with EU bonds after 3am.  10yr down 1.5bps at 3.44%.  MBS up 1 tick (0.03). 

09:50 AM

Modest weakness into the 9:30am NYSE open.  Recovering a bit since then.  MBS unchanged.  10yr down .8bps at 3.447.

11:53 AM

Additional weakness after Head of Bank of Canada say a rate pause is “conditional.”  10yr up 1.2bps at 3.467.  MBS down 2 ticks (.06).

01:08 PM

Good reaction to strong 5yr auction.  MBS near best levesl, up 3 ticks (0.09) on the day.  10yr .5bps higher on the day at 3.462.


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