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Bond Markets Starting to Slip
Posted to: Micro News
Friday, May 30, 2014 9:33 AM
Both MBS and Treasuries had been doing an OK job of holding the line at yesterday's weakest levels so far this morning. But as we occasionally see on the approach to the stock market opening bell, bonds began slipping. There are no over market movers in play--just tradeflow momentum.
The potential issue is that the weakness pushes 10yr yields above the all-important 2.47 technical level (currently 2.4785. Unless we get right back below, this bodes ill for rates into the rest of the day. Fannie 3.5s have similarly broken their previous lows and shed another quick 4 ticks (.125).
Econ data is coming up at 9:45 and 9:55am, but don't be surprised if markets don't care about anything other than a gigantic beat/miss.
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