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MBS RECAP: Bonds Defend New Territory

Posted To: MBS Commentary

Bonds Defend New Territory Now that bonds have broken through previous resistance levels (.58 in 10yr yields and 103.00 in 2.0 UMBS), what comes next? Rather than look for fast-paced follow-through, it would be enough of a victory to merely see bonds maintain these newly acquired levels. Today we'll discuss what those levels might look like and what we'd need to see for them to persist. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) ISM Manufacturing 54.2 vs 53.6 f'cast , 52.6 prev Market Movement Recap 09:21 AM Bonds were only modestly weakner at the beginning of the overnight session. It wasn't until 7:49am that Treasuries popped a bit higher in yield. They've been pushing a bit higher since then. MBS, on the other hand are unchanged…(read more)

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