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Some Post-POMO Weakness, But Range Holding For Now
Posted to: Micro News
Thursday, December 6, 2012 12:14 PM

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Like yesterday, Treasuries hit their best levels of the day just after the completion of the Fed's Twist buying operation at 11:00am. But unlike yesterday, there isn't a debt-ceiling tape-bomb circulating to incite a chaotic "risk-on" rally for stocks and to create additional selling pressure for bonds. There's still some selling pressure, but not nearly as developed as yesterday's version.

MBS, for their part, are looking a bit detached from the goings-on in related markets. Earlier this morning, we noted resistance centered on 105-15 and support at 105-11. Since then, the resistance proved to be relatively firm with no breaks over 105-15, but the post-11am weakness has also met good support at the 105-11 level.

In that regard, not much has changed from the morning's assessment of 105-11 as a good "heads-up" level that, if crossed, would be the first warning that risk is increasing, though not an outright "trigger" for negative reprice risk.

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