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Holding Ground at Slightly Weaker Levels
Posted to: Micro News
Friday, January 03, 2014 9:37 AM
With Tokyo closed yet again, overnight Treasuries didn't begin trading until European hours. 10yr yields dropped just slightly at first, hitting 2.97 at 3:11am and then reluctantly followed a steady sell-off in core European bonds.
The pace has been manageable and leaves 10's up 1.9bps currently at 3.0041. Fannie 4.0 MBS opened 4/32nds weaker and gave up 1 more tick before finding support at 102-26. They're currently down only 3/3nds at 102-29.
There is no significant scheduled data on tap. The only events of note will be the various Fed speeches that dot the afternoon. Of those, Bernanke is the headliner at 2:30pm.
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