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Slightly Stronger After Uneventful Overnight Session
Posted to: Micro News
Friday, July 11, 2014 9:18 AM
Not that it couldn't change, but for now, the cruise control is already engaged heading into the weekend. 10yr Treasuries traded in a narrow range overnight, following German Bunds almost exclusively, and staying well inside yesterday's range.
We haven't seen any salient market movers from the earnings calendar or European drama, though Portugal concerns did help out a bit overnight. Wells earnings have already come and gone without much fuss (in line with expectations).
10yr yields are trading about 1bp lower than yesterday's latest levels and MBS are 4 ticks higher. Keep in mind, that 4 tick improvement is measured against the POST-roll prices (Fannie/Freddie 30yr MBS rolled last night). That makes it look like prices are lower on the chart (because yesterday's chart is July coupons while today's is August).
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