|This email was sent to you by:|
Tonya W. Kenon |
Mortgage News Daily
Email alerts, such as this one, are a free service
provided by Mortgage News Daily. If you would like to receive an alert when important news breaks
please register to join our community
Bond Markets Gently Weaker Overnight; Holding Ground so Far
Posted to: Micro News
Monday, October 21, 2013 9:12 AM
Treasury trading in the overnight session proved to be an uneventful, low-volume extension of Friday afternoon's momentum. 10yr yields clung to Friday's range throughout and are currently half a bp higher at 2.5941.
MBS are a bit weaker by comparison, but still inside Friday's range at 102-00 for Fannie 3.5s. MBS, especially, can be a bit "groggy" on slow Monday mornings in that the number of active buyers and sellers doesn't connote a "bustling marketplace" just yet. As such, some movement of 2-3 ticks at a time is possible until/unless activity picks up.
Part of the atmosphere of reservation could have to do with tomorrow being NFP day instead of Friday October 4th. NFP is the biggest potential market mover every month. Not only is that doubly true this month, but bond markets are right on the edge of a range breakout, so there's extra reason to "wait and see."
Despite the majority of the focus being on tomorrow morning's data, we will get Existing Home Sales this morning at 10am. That's it in terms of economic data.
More from MND:
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.