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MBS RECAP: Bonds Snooze Through Data and Infrastructure Bill

Posted To: MBS Commentary

Bonds Snooze Through Data and Infrastructure Bill The day began with a morning of lackluster econ data being met with a yawn from the bond market. A few hours later, the long-awaited infrastructure bill finally arrived to a similarly lukewarm reception. As expected, it took a long time and was ultimately pared down significantly. With markets having already done so much to prepare, there was nothing left to do but hit snooze again. Finally, the 7yr Treasury auction wasn't nearly interesting enough for bonds to get out of bed. Trading levels were basically flat for the entire day. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Jobless Claims 411k vs 380k f'cast, 418 prev Durable Goods 2.3 vs 2.8 f'cast. (previous reading revised to -0.8 from -1.3) Core Cap-Ex -0.1 vs 0.6 f'cast…(read more)

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