Tue, Sep 13 2022, 9:57 AM
We knew there was a lot riding on today's CPI data and that it was highly likely to inspire a big move higher or lower for bonds if it came in much hi...
Mon, Sep 12 2022, 3:53 PM
Potentially Decent Day Turns Sour After 10yr Treasury Auction
The first day of the new week began innocently...
Mon, Sep 12 2022, 10:02 AM
There are times when a particular event garners too much attention as the most important consideration for bond market momentum. If any event were to...
Fri, Sep 9 2022, 8:12 PM
Fairly Inconsequential Friday Ahead of a Very Consequential Week Ahead
Despite feeling like a bumpy ride at times, the bond market actually didn...
Fri, Sep 9 2022, 12:21 PM
Bonds had a respectable overnight session with steady gains seen mostly during European hours. Then in the early part of the domestic session, it was...
Thu, Sep 8 2022, 4:43 PM
Bonds Close Weaker After Early Volatility and Late-Day Illiquidity
As has been the case for so many afternoo...
Thu, Sep 8 2022, 11:36 AM
Fairly simple morning so far: the European Central Bank (ECB) hiked its policy rate by the expected 75bps. There wasn't much of a reaction to that. ...
Wed, Sep 7 2022, 4:49 PM
Nice Push Back Against Tuesday's Weakness. ECB On Deck
Tuesday was brutal and the only real explanation for...
Wed, Sep 7 2022, 11:56 AM
Corporate bond issuance is one of those slightly esoteric concepts to the average rate watcher and usually a completely foreign concept to the average...
Tue, Sep 6 2022, 4:27 PM
Steady Afternoon Leaves Steep AM Losses Intact
Today's recap could just as easily be this morning's commenta...
Tue, Sep 6 2022, 10:53 AM
Summertime seasonality is one of the worst kept secrets among bond forecasters. Simply put, since 2010, this is only the 3rd year where yields haven'...
Fri, Sep 2 2022, 5:40 PM
Why Stronger Jobs Data Gave Way to a Rate Rally
Anything over 300k is big number for nonfarm payrolls. Toda...
Fri, Sep 2 2022, 11:05 AM
For weeks on end, it's been "sell first and ask questions later" for the bond market. Any econ data that's been at least halfway decent has been at r...
Thu, Sep 1 2022, 4:40 PM
Where We Are, Where We Might Be Going, And How We Might Get There
The first day of September found a way to ...
Thu, Sep 1 2022, 10:36 AM
Imagine hosting a cocktail party with guests arriving and departing at random times. A particularly rowdy and unpleasant guest--let's call them "Augu...
Wed, Aug 31 2022, 4:28 PM
So Long August. Don't Let The Door Hit Ya!
July! We miss you!
August, please leave!
Hopefully Septemb...
Wed, Aug 31 2022, 12:15 PM
If you've been surprised by the extent to which US bonds have been hit by European inflation reports in the past month, you're not alone. Granted, th...
Tue, Aug 30 2022, 4:30 PM
Sideways Afternoon After Volatile Morning
"Hypervigilant volatility." Get used to seeing that new phrase as...
Tue, Aug 30 2022, 10:57 AM
Hypervigilant volatility in response to data and policy comments is the order of the day/week/month as traders assume central bankers are more impress...
Mon, Aug 29 2022, 4:12 PM
Jackson Hole Follow-Through or Something Else?
Last Friday's Jackson Hole speech was the subject of a fair a...
Mon, Aug 29 2022, 12:52 PM
While there certainly wasn't anything surprising in last Friday's Jackson Hole speech from Fed Chair Powell, much of the market seems to have been sur...
Fri, Aug 26 2022, 5:04 PM
How Did Powell Bring The Pain With As-Expected Remarks?
This morning, we said the bond market appropriately ...
Fri, Aug 26 2022, 11:04 AM
Powell's Jackson Hole speech may as well have been written in advance by anyone who's done a remotely good job of paying attention to recent Fed comme...
Thu, Aug 25 2022, 4:37 PM
It Doesn't Matter if Powell's Speech Matters
Some things will be yearned for, anticipated, and sought after ...
Thu, Aug 25 2022, 11:46 AM
Bonds were already trading fairly sideways in the overnight session and only experienced modest volatility after this morning's economic data. Unless...
Wed, Aug 24 2022, 4:24 PM
More Weakness. Is This All About The Fed?
Bonds began the day in slightly stronger shape but began to sell ...
Wed, Aug 24 2022, 10:46 AM
The unfriendly trend remains firmly intact this morning with 10yr yields up several more bps and MBS down another quarter point despite mixed economic...
Tue, Aug 23 2022, 4:29 PM
Fun While it Lasted: Bonds Give Up Data-Inspired Gains
Bonds started out weaker early this morning but were ...
Tue, Aug 23 2022, 11:34 AM
Be still, our beating hearts! This morning's economic data came out weaker and bonds instantly engaged in a logical and sensibly-sized rally. Tradin...
Mon, Aug 22 2022, 4:30 PM
Unfriendly Trend as Fed Fear Sets In
Without any obvious, individual motivations in the news or on the econ ...
Mon, Aug 22 2022, 12:07 PM
Bonds don't have too much so stress about this week in terms of calendar events. The notable exception is Fed Chair Powell's Jackson Hole speech on F...
Fri, Aug 19 2022, 5:15 PM
Bonds Tank After EU Inflation Data
For those who caught this morning's commentary on European inflation data...
Fri, Aug 19 2022, 12:55 PM
Yesterday ended with yields grinding into an ever narrower consolidation pattern with 2.91% serving as the ceiling in the 10yr. That's exactly where ...
Thu, Aug 18 2022, 4:02 PM
Consolidation Continues as Yields Avoid Both Floors and Ceilings
Whereas 10yr yields were willing to tempora...
Thu, Aug 18 2022, 11:53 AM
The 2.91% technical level in 10yr yields held firm as a ceiling overnight and domestic traders began pushing a lower-yield agenda in the 7am hour. At...
Wed, Aug 17 2022, 4:19 PM
UK Inflation Data Steals Show From Domestic Market Movers
Today's Retail Sales report and Fed Minutes were s...
Wed, Aug 17 2022, 11:03 AM
This morning's Retail Sales data is already out and it was close enough to forecast to avoid having a big impact on bonds. Unfortunately, overnight t...
Tue, Aug 16 2022, 3:57 PM
Inconsequentially Weaker and Increasingly Range-Bound
The word "range" appears in both the opening and closi...
Tue, Aug 16 2022, 10:56 AM
Tuesday is getting off to a similar start to Monday when it comes to the level of movement, but this time around, it's in the opposite direction. Dep...
Mon, Aug 15 2022, 5:01 PM
Super Sideways Summertime Monday
Oddly enough, we find ourselves more likely to be discussing summertime tra...
Mon, Aug 15 2022, 10:07 AM
The previous week ended with bonds on the run and yields threatening to break up and over the 2.85% technical level. That breakout was somewhat incon...
Fri, Aug 12 2022, 5:28 PM
Stable and Sideways Now That Rates Are Back in The Range
The past two days had seen more volatility in rates...
Fri, Aug 12 2022, 11:45 AM
Summertime trading is detectably different from the rest of the year. Volume and liquidity are a bit lighter. Counterintuitive moves are more common...
Thu, Aug 11 2022, 5:21 PM
Making Sense of Today's Seemingly Senseless Selling
Let's refresh our memories regarding 2022's bond trading...
Thu, Aug 11 2022, 12:57 PM
Up is down, old is new, green is red, etc. Here we are with a second straight day with inflation data coming in significantly lower than forecast and...
Wed, Aug 10 2022, 5:02 PM
How In The World Did Bonds Lose Ground After a Big Drop in Inflation?
This morning's hotly anticipated CPI d...
Wed, Aug 10 2022, 12:24 PM
Reliably predicting the future in terms of directional market movement is tricky if not wholly impossible, but predicting higher odds of volatility is...
Tue, Aug 9 2022, 4:24 PM
Tuesday Was Tame, But Wednesday Probably Won't Be
Tuesday's trading session was boring, with rates hitting d...
Tue, Aug 9 2022, 11:16 AM
Last week offered up decent bookends for a narrow, short-term range. A series of downbeat economic reports set the low yields last Monday. Then Fed ...
Mon, Aug 8 2022, 4:13 PM
Bonds Remain Resilient Despite Supply-Related Headwinds
Supply and Demand 101 tells us that higher supply me...
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