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Bond Buying Trend Continues Overnight and Into Domestic Session
Posted to: Micro News
Tuesday, July 8, 2014 9:06 AM

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It was hard to read too much into yesterday's trading session, largely because markets were so inactive.  But it's getting a little easier to do so today.

Fannie 3.5s are up a quick 6 ticks this morning and 10yr yields are already approaching the 2.57% technical level (2.578 currently).  The morning gains may look a bit abrupt, but that's simply a matter of timing. 

Bond markets improved gently all night long, with help from weaker data in Europe and an ongoing rally in European government bonds.  By 7am, 10yr Treasuries were down to 2.59 from yesterday's 2.62 close. 

There was a modest correction heading into 8am, which is why the move during the first hour of trading looks sharper.  When the entire  overnight session is taken into consideration, we're left with a very linear trend of improvement beginning yesterday morning.

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