Although Treasury yields have been moving in the same direction as stock prices, the magnitude is completely different. Whereas the S&P is up an impressive 20 points to new all-time highs, Treasury yields are merely on the edge of their weakest levels of the morning, only 1.2bps higher.
MBS are another degree removed from that negative influence, and have been looking more sideways compared to Treasuries' "slightly weaker."
There have have been no significant market movers today and there are no significant events on the calendar this afternoon. Bond markets are biding their time until being more convincingly roused from the slumber connoted by 2.75% 10yr yields and a 104-ish price on Fannie 4.0 MBS.
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