Calmer Day of Losses. Data Resumes on Thursday

Without any notable econ data on tap, bonds were left to their own devices on Wednesday.  This initially involved moderate overnight weakness  and mostly sideways trading during domestic hours.  From a calendar standpoint, the 30yr bond auction was the lone tradable event.  While it helped a bit at first, bonds were soon right back where they started.  In hindsight, it was a forgettable, holding pattern type of day ahead of more relevant data on Thursday morning.

Market Movement Recap
09:50 AM

Moderately weaker overnight as rate cut odds decrease.  10yr up 2.7bps at 4.178.  MBS down an eighth.

01:04 PM

Stronger after 30yr bond auction.  MBS down only 3 ticks (.09) and 10yr yield up 3bps at 4.182

03:08 PM

Treasuries back near weakest levels with 10yr up 3.9bps at 4.19.  MBS down an eighth.

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