After the past few weeks, boring trading days aren't necessarily unwelcome. Their only real downside is that there's not much to say about them. Bonds are waiting for three things: more banking drama (or the progressive absence thereof), economic reports that flesh out the inflation picture, evidence that banking drama has actually had a measurable impact on the economy. Only one of those things happens quickly, so it's not too much of a surprise to see boring trading days with generally sideways momentum.
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- Pending Home Sales
- +0.8 vs -2.3 f'cast, +8.1 prev
- Pending Home Sales
Roughly unchanged overnight. Some early weakness, but mostly bouncing back--especially MBS. 5.0 coupons are actually 3 ticks (.09) higher on the day while 10yr yields are 2bps weaker/higher.
Bonds rallied during SVB testimonies. 10yr down 2bps at 3.553. MBS up an eighth of a point.
modest losses after 7yr Treasury auction. 10s and MBS both unchanged on the day.
MBS back near strongest levels with 5.0s up more than an eighth of a point. 10yr is roughly unchanged at 3.57%
MBS Market Alerts
