July! We miss you!
August, please leave!
Hopefully September finds a way to be a warm bowl of porridge between July's rate-friendly exuberance and August's full-fledged correction. We see no other reason for today's late weakness than month-end tradeflows
-
- ADP Employment
- 132k vs 288k f'cast, 128k prev
- ADP Employment
Slightly weaker overnight after EU econ data and EU bond selling, but bouncing back a bit into domestic hours and fairly steady now. 10yr up less than 1bp at 3.121%. MBS down only 1 tick at 99-21 (99.67)
Choppy in a narrow, sideways range. Trading levels right in line with the previous update after being slightly stronger from 10-11am ET.
Some weakness heading into the 2pm hour. No particular reason. Isolated mainly to MBS, now down an eighth on the day. 10yr still up just over 1bp at 3.125.
Some bigger selling after the 3pm CME close (month-end trading). 10yr up 3.4bps at 3.146. MBS down 10 ticks (.31) at 99-13 (99.41).
Additional weakness as month-end trading positions continue squaring up. MBS down a few more ticks and 10yr now up 7bps at 3.183.
MBS Market Alerts
