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MBS RECAP: Bonds Still Struggling. 10yr Staging For a Bigger Move?

Posted To: MBS Commentary

Bonds Still Struggling. 10yr Staging For a Bigger Move? After holding ground admirably overnight despite the pull of weaker bond market in Europe, Treasuries and MBS lost ground in the first few hours. By 9:40am, we'd seen the weakest levels of the day and everything was exceptionally sideways after that. Damage was minimal in the big picture (10yr yield up less than 2bps by the 3pm close and MBS down just over an eighth of a point), but the concern is that bonds could be staging for a bigger move depending on the outcome of tomorrow's data and 10yr Treasury auction. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Market Movement Recap 08:48 AM Stronger in Asia, but European yield spike pulled US yields higher. Stock selling mitigated some of the damage. Now just barely weaker in…(read more)

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