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Bond Markets Stay Flat Overnight, Slightly Stronger Into AM
Posted to: Micro News
Friday, November 30, 2012 9:25 AM

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Despite a gradual drift higher in equities and the Euro in the overnight session, Treasuries maintained sideways momentum, finding support at yesterday's salient intraday inflection point of 1.63. It's not that risk markets were disconnected. In fact, Treasuries did mirror and match the risk-on/risk-off movements in related markets quite well. It's just that when the Euro moved higher, Treasuries did so at slower pace.

All in all, however, the majority of the overnight session was flat and uninspired for bond markets. It wasn't for lack of data and events. Germany's lower house approved the Greek bailout and comments from ECB Pres Draghi shook things up a bit around 3am. Europe's joblessness also hit a record high. But the biggest movement in Treasuries was seen NOT on the heals of any major event or piece of data, but rather as a simple result of domestic traders firing up their screens for the day.

10yr yields had already hit their overnight lows by 8am and drifted lower heading into the Consumer Spending data. MBS opened just a tick below with yesterday's highs at 105-04. The data had a barely noticeable impact on trading levels, but if anything, was perhaps mildly positive. Fannie 3.0s are currently up 3 ticks on the day at 105-06 and 10yr yields are down 1.5 bps at 1.6045. Next data on tap is Chicago PMI at 9:45am.

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