Fri, Nov 8 2013, 1:37 AM
These sorts of NFP days are few and far between. In fact, we may not
see a similar example for decades--maybe longer. That sounds exciting,
but ...
Thu, Nov 7 2013, 12:54 PM
The overnight session was uneventful until the ECB announced a
somewhat surprising rate cut at 7:45am New York time. Both stocks and
bonds benefi...
Thu, Nov 7 2013, 7:44 AM
Yesterday, we held out the possibility of something interesting
happening due to the Fed papers making rounds. Nothing interesting
happened. Tha...
Thu, Nov 7 2013, 4:28 PM
For all the data and events digested by bond markets today, trading
levels managed to stay fairly calm and to seek out the neutrality of
recent ra...
Wed, Nov 6 2013, 12:50 PM
Amid today's lack of significant bond-market-specific events,
Treasuries and MBS have erased a moderate amount of yesterday's
weakness. The Leadi...
Wed, Nov 6 2013, 7:29 AM
Sizing up the day, there's nothing special about it in terms of data
or events. As such, it will be especially telling if we happen to see a
big ...
Wed, Nov 6 2013, 4:46 PM
The title of todays' recap, "narrowest trading range in 6 months,"
is the only thing interesting about today. Even on the approach, there
was not...
Tue, Nov 5 2013, 12:45 PM
Today's ISM Non-Manufacturing data was the focal point of the first
three days of this week, and bond markets confirmed that well before it
was re...
Tue, Nov 5 2013, 7:22 AM
Like its sister report last week, today's ISM Non-Manufacturing data doesn't always move markets, but also like
its sister report, it can cause fa...
Tue, Nov 5 2013, 4:46 PM
While there's still a bit of time left on the clock, MBS look
fairly likely to close at levels that make today the worst day of losses
in exactly ...
Mon, Nov 4 2013, 12:23 PM
The story so far today is one of modest correction from last week's
losses. To recap that last 3 weeks, bond markets approached their best
recent...
Mon, Nov 4 2013, 7:04 AM
Only 2.5 weeks separates this week's Employment Situation Report one
from the last due to the government shutdown. The last jobs report
helped rat...
Mon, Nov 4 2013, 4:27 PM
Today was one of those characteristically "slow Mondays" in the way
only Mondays can be. It didn't help that Japan was out on Holiday (our
turn n...
Fri, Nov 1 2013, 12:46 PM
Two days, two ISM reports and both have done a good amount of
damage to bond markets. Yesterday's regional report from ISM Chicago
left trading l...
Fri, Nov 1 2013, 7:23 AM
ISM Manufacturing and non-manufacturing are two of the most widely followed economic reports
and are key players in the ensemble of non-employment...
Fri, Nov 1 2013, 4:51 PM
This week saw a tentative prodding of range boundaries--both long
term and short term--following last week's Employment Situation Report.
Wednesd...
Thu, Oct 31 2013, 12:27 PM
Bond markets began the day with promise. Technical support levels
managed to hold up overnight in Treasuries. MBS began the day in
positive terr...
Thu, Oct 31 2013, 6:21 PM
The past two days have been quite something for MBS markets--not in
any meaningful way, but certainly frustrating. Reason being: BOTH days
have o...
Thu, Oct 31 2013, 1:13 AM
A quick note about yesterday: The post-FOMC sell-off surprised many
market-watchers. It was a bit surprising at first, but less so when
taking a ...
Wed, Oct 30 2013, 12:10 PM
Overnight trading deposited bond markets in just slightly better
territory to start the domestic session. Right off the bat, the ADP
employment n...
Wed, Oct 30 2013, 7:49 AM
Is the collection of data and events today finally enough to break
the recent monotony in bond market trading levels? Or will we be
waiting until...
Wed, Oct 30 2013, 4:31 PM
MBS Live : MBS Afternoon Market Summary
Bond markets were pushing the boundaries of their best recent levels this morning, and that trend c...
Wed, Oct 30 2013, 2:02 PM
Information received since the Federal Open Market Committee met in
September generally suggests that economic activity has continued to
expand at...
Tue, Oct 29 2013, 11:55 AM
For the second day, Fannie 3.5s are demonstrating an uncanny
ability to remain inside the the highs and lows established on Friday.
Given that th...
Tue, Oct 29 2013, 7:33 AM
From the standpoint of trading levels, yesterday was meaningless.
Both Treasuries and MBS remained inside the ranges set by Friday's highs
and lo...
Tue, Oct 29 2013, 4:28 PM
Today's bond market activity was similar to yesterday's in the
sense that prices and yields continue to trade in clearly-defined and
exceptionally...
Mon, Oct 28 2013, 11:31 AM
Bond markets began the day in moderately weaker territory. Overnight
Treasuries remained in a narrow range but like MBS, moved to the day's
weake...
Mon, Oct 28 2013, 7:02 AM
Despite the fact that last week saw the return of the critically important
Employment Situation report, this will be the week where the majority
...
Mon, Oct 28 2013, 4:55 PM
The most interesting thing about today was how extraordinarily quiet
it was. We would expect MBS space to be a relative ghost town with the
MBA c...
Fri, Oct 25 2013, 12:12 PM
It's been another uneventful session so far with trading levels for MBS
and Treasuries both holding inside yesterday's ranges. Treasuries were
sl...
Fri, Oct 25 2013, 4:26 PM
Today was a boring day in bond
markets. Volume was low. Trading ranges held inside previous days'
trading ranges. Benchmarks ended the week per...
Fri, Oct 25 2013, 1:02 AM
Here's essentially where we're at... Bond markets came to a
crossroads on 9/18 and chose a friendlier path for those who enjoy
stable-to-higher b...
Thu, Oct 24 2013, 12:28 PM
Bond markets haven't had much to go on since Tuesday's jobs report
inspired a decisive move to the best levels in months. This morning was
no exc...
Thu, Oct 24 2013, 6:53 AM
On some levels, yesterday's trading session could have been frustrating for
bond bulls (aka fans of lower rates) due to the late day sell-off. A ...
Thu, Oct 24 2013, 5:19 PM
Today was another session where the movement is best characterized as
"incidental"--that is to say, bond markets didn't set out with any
salient g...
Wed, Oct 23 2013, 12:29 PM
Treasuries rallied overnight in rather underwhelming fashion.
Volume was moderate and the trading range was fairly narrow.
Yesterday's weak NFP ...
Wed, Oct 23 2013, 7:08 AM
September 18th's FOMC Announcement set off warning bells about a
potential move lower for rates but such a move was always to be
dependent on Sept...
Wed, Oct 23 2013, 4:30 PM
Since 8:40am yesterday morning, bond markets have been exceptionally
calm compared to past examples of decently sized moves following the
monthly ...
Tue, Oct 22 2013, 12:42 PM
Today's Employment Situation Report--rescheduled from the original
October 4th release data--has been easily up to the task of inspiring a
break o...
Tue, Oct 22 2013, 6:55 AM
Will absence have made the heart grow fonder when it comes to bond
markets' affections for the payrolls data? Yes, it already has. If
Treasuries...
Tue, Oct 22 2013, 4:28 PM
In the first few seconds of trading following this morning's NFP
release, 10yr yields dropped from 2.59 to 2.54. From there, they eased
gently lo...
Mon, Oct 21 2013, 11:49 AM
Bond markets were just slightly weaker overnight, but Treasuries
held inside Friday's range at first. Fannie 3.5 MBS opened just in line
with Fri...
Mon, Oct 21 2013, 7:50 AM
For all the sound and fury produced over the past two weeks, trading
levels in bond markets returned more-or-less in line with the trajectory
that...
Mon, Oct 21 2013, 5:08 PM
Today's session could as easily not have happened, and it wouldn't
change anything about the bigger picture. The same could be true for
most any ...
Fri, Oct 18 2013, 12:46 PM
Yesterday's rally was strong. Today, not so much. That's OK
because if we were to extend the rally (2 day rally, really, totaling
over a point o...
Fri, Oct 18 2013, 7:22 AM
Clues provided by early overnight bullishness in bond markets were
accurate in that both Treasuries and MBS returned to the ranges that had
recent...
Fri, Oct 18 2013, 4:50 PM
When the potential government shutdown became an increasing reality
into late September, bond markets entered in to a narrow, sideways
range. Whe...
Thu, Oct 17 2013, 12:32 AM
Congress apparently thought the 10/17 debt ceiling deadline was a
much bigger deal than financial markets. It's not that markets didn't
perceive ...
Thu, Oct 17 2013, 11:59 AM
After adding half a point yesterday, Fannie 3.5 MBS are up another half
point today (Fannie 3.5s as of 11:55am) as the ill effects of the
governme...
Thu, Oct 17 2013, 6:39 PM
Surprisingly enough, after the government shutdown, both Treasuries
and MBS are back to levels they were trading at- well--before the
shutdown. T...
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