The European Central Bank (ECB) was widely expected to do "something" to tighten up its PEPP (Pandemic Emergency Purchase Program) in today's policy announcement, but they've executed it such a way as to trick bonds into viewing it as good news.  EU bonds are having one of their best mornings in weeks--something we might expect to spill over to the US bond market, but that correlation has been imperfect so far as Treasuries still have some anxiety over the looming 30yr bonds auction and ongoing glut of corporate debt issuance.

20210909 open2.png

In the bigger picture, the consolidation pattern continues with overnight strength resulting in a nearly perfect bounce at the bottom of the range.

20210909 open.png


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
UMBS 2.0
101-12 : +0-02
Treasuries
10 YR
1.3310 : -0.0090
Pricing as of 9/9/21 10:50AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Thursday, Sep 09
8:30 Continued Claims (ml) w/e 2.744 2.748
8:30 Jobless Claims (k) w/e 335 340
13:00 30-Yr Bond Auction (bl)