Phrases like "hurry up and wait" and "ho hum day" have been increasingly prevalent in our commentary of late. This is a byproduct of the present plight of the bond market. In short, we can do nothing but wait for clearer trends to emerge in terms of growth and inflation. Until then, the stakes are high enough that it doesn't make much sense to stray too far from wherever it is we've been. For 10yr yields, that's "within an arm's length of 3.50%." Today was just another day in that regard.
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- Housing Starts
- 1.401 vs 1.405 f'cast
- Building Permits
- 1.416 vs 1.432 f'cast
- Housing Starts
Bonds drifted mostly sideways overnight and weren't too keep on responding to a rally in European bonds. No reaction to 8:30am data. 10yr down 1.3bps at 3.528 and MBS up 2 ticks (.06).
Near the lows of the day, down 3 ticks (.09) from y'day and just over an eighth from the highs. 10yr up 3.3bps at 3.574
Treasuries recovering slightly. 10yr up 3.6bps on the day at 3.577. MBS down 3 ticks (.09).
MBS Market Alerts
