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Bond Markets Weaker After European Session
Posted to: Micro News
Tuesday, October 08, 2013 9:21 AM
Treasuries began the overnight session in slightly better shape than Monday's close and remained in Monday's range until European markets opened. At that point, there was a marked pick up in volatility and Treasuries moved into negative territory.
The pressure remained through the domestic open, though volume is still light. 10yr yields whipped up to 2.66 just before 8:30am and are now back down to 2.648. Fannie 3.5 MBS were as low as 101-17 at the same time, but have similarly bounced back to 101-19.
These movements aren't easily attributed to any events in the marketplace. Low volume and increased volatility have been the biggest factors amid the lack of data. Today's 3yr auction is at 1pm and could offer some guidance.
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