In last week's defense, it really wasn't that noisy, but Friday's Jackson Hole speech and subsequent bond rally made it seem like big things were happening. In actuality, bonds were simply getting back in line with the prevailing range that was carved out after the last jobs report and we'll probably be waiting for the next jobs report before that range is meaningfully challenged. Between now and then, what do you do if you're the bond market? Answer: have days like today with minimal movement and highs/lows that were easily contained by Friday's range (what traders refer to as "an inside day").
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- New Home Sales
- 652k vs 630k f'cast, 656k prev
- New Home Sales
moderately weaker overnight and little-changed so far. MBS down an eighth and 10yr up 2.9bps at 4.29
mid day gains. MBS unchanged and 10yr up less than 1bp at 4.269
Heading out at just slightly weaker levels. MBS down 2 ticks (.06) and 10yr yield up 2bps at 4.28
MBS Market Alerts
