Bonds were focused on this morning's ISM Services Index with some traders waiting to see more evidence of economic fallout from tariff-related uncertainty. Instead, the index moved slightly higher and was rather uneventful by the time all sub-components were considered. Not enough fuel there for bond bulls, so the bears kept the 3 day selling spree going, ultimately getting 10yr yields back over the 4.34 technical level that got so much play time in March.
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- ISM Services
- 51.6 vs 50.6 f'cast, 50.8 prev
- ISM Prices
- 65.1 vs 60.9 prev
- ISM Employment
- 49.0 vs 46.2 prev
- ISM Services
stronger overnight, but modestly weaker in early trading. MBS down 2 ticks (.06) and 10yr up 1.3bps at 4.324
Additional weakness after ISM data. 10yr up 3.7bps at 4.346. MBS down an eighth of a point.
Bouncing back a bit. MBS down only 3 ticks (.09) and 10yr up 1.8bps at 4.329
10yr up 5.5bps at 4.366 and MBS down nearly a quarter point.
Nice little bounce off the weakest levels. MBS down 2 ticks (.06) and 10yr up 2.8bps at 4.338
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