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Another Day, Another Uneventful, Slightly Positive Afternoon
Posted to: Micro News
Tuesday, December 04, 2012 3:22 PM
While today continues to be plagued by the "little to report" phenomenon, we can't really complain about the price action. In a relative carbon copy of yesterday's pattern, we made gains in the morning and have been holding calmly sideways into the afternoon, with an ever-so-slight positive bias.
Fannie 3.0s are into their best levels since November 9th, currently up 2 ticks at 105-10 and have traded within 2 ticks of that mark all afternoon. 10yr yields have been similarly coasting between 1.600 and 1.614 over the same time. We've seen a few positive reprices come across thankd to the stability.
With essentially nothing on the calendar today, things have been understandably slow. But that changes first thing tomorrow morning, at least in terms of economic data as the flow of news and events will be relatively brisk through Friday morning's NFP.
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