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Four Hours Later, Still Sideways At Best Levels Of The Day
Posted to: Micro News
Monday, December 3, 2012 3:44 PM
It's been a very quiet afternoon for bond markets and especially for MBS trading levels. Treasuries and MBS both got on board with a broad "risk-off" movement just after the domestic stock market open. Bond prices moved higher and stock prices moved lower both before and after the 10am ISM Manufacturing data.
Fannie 3.0 MBS hit their first prominent high of the day just before the noon hour at 105-08 and haven't moved more than 2 ticks in either direction since then. 10yr yields hit 1.625 at the same time and have held inside a 0.01% range ever since despite the fact that stocks have generally continued to slide.
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