Mon, Apr 15 2013, 7:51 AM
There's no question that the past three weeks of trading for domestic bond markets have been their best 3 week stretch of the year. This was exclusiv...
Mon, Apr 15 2013, 4:23 PM
The last few ticks of price improvements in MBS amount to ill-gotten gains as they represent a quick flight to safety owing, in large part, to the tra...
Fri, Apr 12 2013, 11:29 AM
Bond markets began the day in slightly better territory after the European session traded "risk-off." German debt rallied, peripheral debt and equiti...
Fri, Apr 12 2013, 7:29 AM
Thursday was an enjoyable day for bond market bulls as both Treasuries and MBS managed to open in positive territory and hold those gains without the ...
Fri, Apr 12 2013, 4:12 PM
There was a twofold rally underway right from the outset today. Europe kicked things off overnight as the risk-on move that had been going strong all...
Thu, Apr 11 2013, 12:21 PM
A welcome break from the recent norms this morning as bond markets have remained stable in slightly better territory. The strength began as the start...
Thu, Apr 11 2013, 7:37 AM
At this point, Treasuries have unwound not only last Friday's rally, but Thursday's as well. They're very close to the lower levels of a long term in...
Thu, Apr 11 2013, 4:21 PM
Both MBS and Treasuries put in convincing performances today as they held on to morning gains all day without taking part in the same sort of fluctuat...
Wed, Apr 10 2013, 11:32 AM
The overnight and early morning trading hours were similar enough to recent patterns, with Treasuries flat during the Asian session and weaker during ...
Wed, Apr 10 2013, 7:47 AM
Bond markets spent another day correcting from Friday's post-NFP rally (moving higher in yield), but this time at a somewhat slower pace. In fact, th...
Wed, Apr 10 2013, 4:14 PM
Bond markets are in a bit of a predicament now, at least from a technical perspective. The longer-term uptrend stretching back to the middle of last ...
Tue, Apr 9 2013, 11:39 AM
MBS, Treasuries, and Stocks have all traded in eerily similar patterns to yesterday through the same time. This is characterized by an overnight sess...
Tue, Apr 9 2013, 7:22 AM
Today begins 3 days of Treasury auction supply with 3yr Notes at 1pm. The need to accommodate that supply may have played into some of the weakness y...
Tue, Apr 9 2013, 4:12 PM
Treasuries looked like they were going to put in a nearly perfect repeat performance of yesterday's movements coming out of the 1pm hour (specifically...
Mon, Apr 8 2013, 11:56 AM
It's been one of "those Mondays" so far with newswires and market movements struggling to keep market watchers entertained. That's a good thing in th...
Mon, Apr 8 2013, 7:37 AM
Sometimes everything comes together just perfectly. Last week was one of those weeks as far as MBS were concerned with Friday's reaction to the Job's...
Mon, Apr 8 2013, 4:20 PM
MBS prices fell all the way to early Friday morning levels this afternoon as an average Monday morning got sloppy as the day progressed. The volume d...
Fri, Apr 5 2013, 12:16 PM
The focal point of the week--this morning's Employment Situation report--fully delivered on its anticipated role as a big market mover. In this case,...
Fri, Apr 5 2013, 7:42 AM
What a difference silence from Europe makes! After Italy announced that it would be a good 10 days before we heard anything from the 10 wise men ( re...
Fri, Apr 5 2013, 4:20 PM
By now, it's clear that 3 days of bad employment data gave MBS a big
boost this week, but if it feels like there's more to it than that,
there is....
Thu, Apr 4 2013, 12:20 PM
MBS Live : MBS Morning Market Summary
++INSERT COMMENTARY HERE++
MBS Pricing Snapshot
Pricing shown below is delayed, please note...
Thu, Apr 4 2013, 8:05 AM
Yesterday, we began by pondering whether or not the ADP Payrolls or ISM Non-Manufacturing data would "break the monotony" that had, thus far, pervaded...
Thu, Apr 4 2013, 4:41 PM
The bad employment numbers
keep on coming and the good times keep on rolling for bond markets.
Specifically, MBS tightened vs Treasuries in a BIG w...
Wed, Apr 3 2013, 12:14 PM
For the most part, this morning's price action in MBS and Treasuries would be best characterized as a healthy rally, but as we postulated in the most ...
Wed, Apr 3 2013, 7:01 AM
Whereas Monday required some level of qualification and explanation to be considered an extremely flat session, Tuesday asked for no such consideratio...
Wed, Apr 3 2013, 4:41 PM
Today's DOMESTIC data-driven rally has definitely looked the part of "endangered species" over the past few years and especially in the past two w...
Tue, Apr 2 2013, 11:45 AM
Mortgage markets have done almost admirable job of holding their ground against what has been an almost admirable risk rally in Europe. Why only "alm...
Tue, Apr 2 2013, 7:20 AM
Monday's opener left a lot to be desired in terms of activity, but made up for it by being a solid day for MBS specifically. Treasuries caught a bi...
Tue, Apr 2 2013, 4:11 PM
Most of today's detectable movement was seen in the overnight session as European markets got back to work after 4 days off. Treasuries actually ralli...
Mon, Apr 1 2013, 11:54 AM
The absence of European trading and headlines makes for an extremely quiet session today in terms of volume and the pace of events that require respon...
Mon, Apr 1 2013, 8:07 AM
With the failure to make any meaningful progress last week, the 2013 version of Italy's political crisis has come to a head. On the same day that U...
Mon, Apr 1 2013, 4:18 PM
To reiterate that which has already been said, today's price movements in MBS belied the level of activity in bond markets. While MBS weren't quite as...
Thu, Mar 28 2013, 11:25 AM
Although bond markets have been far from completely flat--in fact there was a solid 4bp swing in 10yr Treasuries overnight--both MBS and Treasuries ar...
Thu, Mar 28 2013, 7:47 AM
Today should be interesting to say the least. As is frustratingly the case on days where the biggest potential market movement is reserved for Eu...
Thu, Mar 28 2013, 4:37 PM
Today was an uncommon combination of strong volume and insanely contained price ranges. It's not a frequent occurrence and even less so outside quart...
Wed, Mar 27 2013, 12:01 PM
MBS and Treasuries have come off their best levels of the morning just slightly, but remain in significantly better territory vs yesterday's latest le...
Wed, Mar 27 2013, 8:07 AM
With the benefit of one additional day having transpired in this, the "Cyprus Bailout Week," we're quickly seeing that Cyprus-related trading fluctuat...
Wed, Mar 27 2013, 5:27 PM
The domestic hours, like so many past examples, turned out to be relatively contained by the time European markets had their say. This time, they sai...
Tue, Mar 26 2013, 12:00 PM
Something remarkable has happened. Well, it's remarkable relative to the recent trend of shunning domestic economic data in favor of European headlin...
Tue, Mar 26 2013, 7:27 AM
Monday saw MBS and Treasuries both end up at levels very close to Friday's close. In and of itself, that suggests the day was uneventful and sideways...
Tue, Mar 26 2013, 5:08 PM
Bond markets started out the session heading into weaker territory after a tepid, but moderately positive overnight session for European risk markets....
Mon, Mar 25 2013, 12:03 PM
Global markets reacted in a relatively predictable fashion following news late Sunday that Cyprus and the EU had reached a bailout agreement. Treasur...
Mon, Mar 25 2013, 7:42 AM
Without any significant scheduled economic data, Monday provides an ideal opportunity to let European headline risk play out after a tentative Cyprus...
Mon, Mar 25 2013, 5:03 PM
There was a sense at the end of last week, looking back over the regular sideways trading patterns in bond markets, that we'd "been had," in a way. W...
Fri, Mar 22 2013, 12:08 PM
From a market watching standpoint, today has been an example of one of the least stressful "headline risk" environments. Indeed, markets are highly r...
Fri, Mar 22 2013, 7:40 AM
Imagine riding a bike, or an equivalent rote gross motor activity involving the navigation of a certain path. In this example, we'll use the bike. N...
Fri, Mar 22 2013, 4:58 PM
MBS Live : MBS Afternoon Market Summary
++INSERT COMMENTARY HERE++
MBS Pricing Snapshot
Pricing shown below is delayed, please no...
Thu, Mar 21 2013, 12:45 PM
The overnight and domestic bumper crops of economic data were fairly uneventful in the a super-zoomed frame of reference and utterly flat in the bigge...
Thu, Mar 21 2013, 7:37 AM
Thursday brings the most robust day of economic data of the week by far. There are Markit Purchasing Manager's Indexes all across the Eurozone during...
Thu, Mar 21 2013, 4:40 PM
This stuff is like candy! Markets just can't get enough of the endless barrage of Cyprus-related headlines. It hearkens back to the heady days of Gr...
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