Mon, Apr 2 2018, 9:20 AM
Last week saw a potentially significant development for bond markets with the break below key technical levels in 10yr yields and the yield curve. Fo...
Thu, Mar 29 2018, 2:46 PM
Bond markets closed early today and will be fully closed tomorrow for the Good Friday holiday. It was also "month-end," which can bring in additional...
Thu, Mar 29 2018, 8:55 AM
10yr yields had 3 big bounces at 2.80% in March, making it the only obvious candidate for the lower boundary of the recently sideways range. It was f...
Wed, Mar 28 2018, 5:13 PM
US bond markets improved in the overnight session as European markets drove yields lower around 3am. US 10yr yields fell below 2.75% as a result, an...
Wed, Mar 28 2018, 9:18 AM
Without a discussion on important technical levels and without looking at one of several pieces of technical analysis, yesterday looks like any other ...
Tue, Mar 27 2018, 5:23 PM
I'm not sure I've heard anyone genuinely say "oh my!" by way of exclamatory response in quite a while. But the odds increased today with a rather sur...
Tue, Mar 27 2018, 9:02 AM
Whether we're looking at shorter-term or longer-term charts, we're left with the sense that bonds aren't very interested in following any other market...
Mon, Mar 26 2018, 5:16 PM
With last Thursday's rally, bonds had a chance to challenge the prevailing sideways range (from 2.80-2.91 in 10yr yields). Friday's weakness was set ...
Mon, Mar 26 2018, 9:12 AM
If bond yields can manage to hold inside their recent range through the end of this week, they'll have gone an entire month with the lowest volatility...
Fri, Mar 23 2018, 5:25 PM
Bonds showed both their hands early today. The first was seen in the overnight session when decent overseas buying demand pushed yields below the in...
Fri, Mar 23 2018, 8:31 AM
The past 2 days represented a nice little run for bonds, but unfortunately it may end up looking like one of those fool's errands that was destined ...
Thu, Mar 22 2018, 5:38 PM
Today was simple and straightforward in one sense. Stocks and bond yields (rates) were both moving lower, and that's something the two have been kn...
Thu, Mar 22 2018, 9:15 AM
One of my favorite things to do is to push back on news media bandwagons with indignation and incredulity. Today provides a great opportunity for tha...
Wed, Mar 21 2018, 6:08 PM
If you're not up to speed on a few of the funniest scenes from Monty Python and The Holy Grail, this analogy is going to be tough to follow. In the i...
Wed, Mar 21 2018, 2:04 PM
Information received since the Federal Open Market Committee met in December January indicates that the labor market has continued to strengthen an...
Wed, Mar 21 2018, 9:28 AM
This is a quick guide designed to help you approach this afternoon's Fed events in a logical and useful way.
What's Happening Today and When?
...
Tue, Mar 20 2018, 5:04 PM
Imagine you manage a baseball team. Let's say it's little league , because what follows probably wouldn't happen in the bigs. You're working with y...
Tue, Mar 20 2018, 9:50 AM
While there have been a few pockets of decent gains in the past week (Thursday afternoon and yesterday morning), the general trend has been toward wea...
Mon, Mar 19 2018, 4:44 PM
Bonds entered the domestic session feeling a bit down on their luck. There was some general weakness early in the overnight session, but just before ...
Mon, Mar 19 2018, 9:15 AM
If it weren't for the Fed Announcement on Wednesday, this would look like a prime vacation week for market participants as there is a distinct lack ...
Fri, Mar 16 2018, 5:36 PM
There were quite a few economic reports on tap today, and that made for some entertaining market watching! Reason being, every time a report came out...
Fri, Mar 16 2018, 9:45 AM
I was pretty happy to have made it through yesterday without seeing or writing any "Ides of March" headlines. I can't ever quite remember what the wo...
Thu, Mar 15 2018, 4:42 PM
Today is most easily discussed based on what it wasn't.
Today wasn't a big selling day. That's nice to see-- especially in 2018, and especi...
Thu, Mar 15 2018, 9:41 AM
You may have noticed that, as of February 22nd, bonds haven't been experiencing the same sort of pain that characterized the first month and a half of...
Wed, Mar 14 2018, 4:41 PM
We've seen plenty of instances of bond markets shrugging off clear suggestions in the economic data, but today wasn't one of them! Retail Sales and...
Wed, Mar 14 2018, 9:52 AM
The first month and a half of 2018 was fairly brutal for bond markets. Metaphorically speaking, it was like retreating from their home across a field...
Tue, Mar 13 2018, 4:56 PM
Bond markets moved to their best levels in more than a week on a combination of tame inflation data and Trump's unexpected announcement of Rex Till...
Tue, Mar 13 2018, 8:30 AM
Since at least the middle of 2017, the Consumer Price Index has been in the driver's seat as far as economic data that matters to bonds. This likely ...
Mon, Mar 12 2018, 5:23 PM
Bond markets were slightly weaker to start the session, but soon found some support from a European bond market rally. Even after the European close...
Mon, Mar 12 2018, 9:34 AM
Thanks to February's lower day count throwing off the normal cadence of Treasury auctions, bond markets will have to take down 3 auctions in the first...
Fri, Mar 9 2018, 8:29 AM
Beliefs, expectations, and assertions can be tricky business if they're not backed up by hard data. No other economic report brings as many armchair ...
Thu, Mar 8 2018, 6:35 PM
The ECB released a policy announcement this morning. They weren't expected to make any significant changes and indeed they made none. Well, to be ...
Thu, Mar 8 2018, 9:11 AM
European Central Bank (ECB) President Mario Draghi's press conference (which follows the scheduled ECB policy announcement) could set the tone for bon...
Wed, Mar 7 2018, 4:41 PM
The resignation of White House Economic Advisor Gary Cohn thew markets a curveball when it was announced after the close of business yesterday. Cur...
Wed, Mar 7 2018, 9:48 AM
At the close of business yesterday, the bond market outlook was decidedly negative. We're not talking about a colossal shift in sentiment, mind you, ...
Tue, Mar 6 2018, 6:59 PM
It may or may not actually be shocking to learn that White House economic advisor Cohn has resigned , but it certainly wasn't a given. Cohn had prev...
Tue, Mar 6 2018, 9:19 AM
If you've ever invested or even thought about investing, you likely have a magic number when it comes to the rate of return that would motivate you to...
Mon, Mar 5 2018, 5:48 PM
Bonds were moderately stronger in the overnight session thanks to European political uncertainty, among other things. One of those "other things" c...
Mon, Mar 5 2018, 9:22 AM
The good news is that bond markets improved--albeit microscopically--during each of the past 3 weeks. That's significant because before that 3-week...
Fri, Mar 2 2018, 7:43 PM
If only it were October! The costume contest at the annual bond trader Halloween bash would be easy to win with that "2.79%" costume in the back of...
Fri, Mar 2 2018, 9:25 AM
If 2018 is a football game for bond markets, this week's trading through yesterday afternoon represented our first touchdown (let's not talk about how...
Thu, Mar 1 2018, 6:14 PM
The title is a play on words, you see? It utilizes the word "tariff," which was the subject of much discussion and market movement today, in designat...
Thu, Mar 1 2018, 9:26 AM
This is currently the best week of the year for bond markets. The same was true of last week in the sense that it was the first time in 2018 that yie...
Wed, Feb 28 2018, 4:15 PM
2.90% or something close to it continues to look like the center of a range of yields that might like to... think about... maybe... potentially... try...
Wed, Feb 28 2018, 8:43 AM
You may have noticed that things have been a bit different recently for rates/bonds. Whereas almost any given day saw a move higher/weaker so far in ...
Tue, Feb 27 2018, 5:09 PM
Way back in 2014, Yellen gave her inaugural semi-annual congressional testimony on March 19th. When asked what the Fed meant by "considerable time" w...
Tue, Feb 27 2018, 10:02 AM
Today's key event will be the fielding of questions by Fed Chair Powell at the semi-annual congressional testimony. Sometimes known as the Humphrey H...
Mon, Feb 26 2018, 6:52 PM
In this morning's Day Ahead, we discussed an hour-by-hour chart of several technical overlays for rates. The thesis was that this most recent rally (...
Mon, Feb 26 2018, 4:33 AM
Today's first chart is really uncanny--well, perhaps if you're some sort of technical analysis nerd, or just some guy named Matt who writes about tech...
Fri, Feb 23 2018, 5:33 PM
Early in the month (Feb 5th), bonds had their best day of the year as they soaked up a mere fraction of the cash that was fleeing from equities market...
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