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Back to Unchanged After Opening Weaker
Posted to: Micro News
Friday, December 27, 2013 9:24 AM

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First of all, any talk about "weaker, stronger, or unchanged," is predicated on the assumption "prices" are almost exclusively indicative of "quotes" today.  In other words, live prices update based on changes in quotes.  On most days, there are trades occurring at or near the quoted price levels, but almost none today.

Futures volume for Treasuries was higher overnight due to the return of European markets.  Bond markets were under pressure into European hours and US 10yr yields rose to 3.02 just ahead of the domestic open.  They've recovered a bit since then, currently 1.3 bps higher on the day at 3.004.

Fannie 4.0s were as low as 102-22, 5/32nds down on the day, but are now just 1 tick from unchanged at 102-26.  There is no scheduled data, and nothing else of importance on the calendar today.




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