Wed, Nov 30 2016, 5:18 PM
Today brought the long-awaited and hotly-anticipated conclusion of a deal among OPEC countries to limit oil production. Constricted supply has one in...
Tue, Nov 29 2016, 9:49 AM
The term ' pivot point ' can mean slightly different things depending on your frame of reference and market-watching goals. For our purposes, the lit...
Tue, Nov 29 2016, 5:33 PM
How many ways could bond market weakness have been justified today? Shall I count the ways?
GDP +3.2 vs +3.0 forecast and +2.9 previously
...
Mon, Nov 28 2016, 4:51 PM
Remember when 10yr yields spiked from roughly 2.31% to roughly 2.41% in the blink of an eye last Wednesday? That was the day before Thanksgiving, w...
Mon, Nov 28 2016, 3:54 PM
Bond markets were stronger right out of the gate in the overnight session with 10yr yields opening at 2.337 and gaining another bp since then. The re...
Fri, Nov 25 2016, 10:22 AM
Few days of the year can be more frustrating to bond market stakeholders who find themselves compelled (either by themselves or their superiors) to ...
Fri, Nov 25 2016, 4:44 PM
As was the goal of most anyone involved in trading bonds, today was completely inconsequential. Recapping the action is a mere formality (indeed, for...
Wed, Nov 23 2016, 9:18 AM
Bond markets begin the day on the run (the bad kind of run), and if Thanksgivings past are any indication, things could get worse before they get bett...
Wed, Nov 23 2016, 5:37 PM
The sense of illiquidity was palpable today. This began in the overnight session when comments from the European Central Bank sent European bond yiel...
Tue, Nov 22 2016, 9:48 AM
Bond markets have quickly "repriced" their expectations for future inflation and growth based on the potential policy path of the Trump administration...
Tue, Nov 22 2016, 6:36 PM
Remember overseas bond markets? It would be easy to forget about the typical influence from Asian and European bond markets on US bond markets over t...
Mon, Nov 21 2016, 10:08 AM
You've probably met people with the inspiring (or nauseating) ability to maintain a positive (or idealistic) attitude in the face of adversity. Perha...
Mon, Nov 21 2016, 6:47 PM
For the third time in the post-election sell-off, bond markets managed modest gains day-over-day. Much like the last 2 times (last Tue and Wed), clos...
Fri, Nov 18 2016, 9:02 AM
Treasuries technically hit overnight highs late in yesterday's session, but it was the overnight hours that saw the more substantial weakness. Long-t...
Fri, Nov 18 2016, 5:41 PM
If you were wondering why I was hesitant to get on board with the modest improvements and sideways ground-holding of the past few days, today brings t...
Thu, Nov 17 2016, 10:02 AM
This morning's commentary will be a bit heavy in terms of the focus on technical analysis, but as always, this isn't exactly old school, textbook tech...
Thu, Nov 17 2016, 5:46 PM
Google up the 5-timer club if you're not familiar. We have a new inductee today, although it's not exactly the same club as seen on Saturday Night ...
Wed, Nov 16 2016, 10:09 AM
We started to talk about "the gap" in yesterday's closing commentary and unless bond market momentum manages to stay far weaker than anyone expects,...
Wed, Nov 16 2016, 5:40 PM
Bond markets managed to scrape together a day-over-day improvement by a very small margin. 10yr yields closed 1.6bps lower and Fannie 3.5s gained a p...
Tue, Nov 15 2016, 10:03 AM
Big moves in bond markets always result in big conclusions from all manner of market participants. Whether it's Chief Strategist at some big bank, ...
Tue, Nov 15 2016, 7:22 PM
If you've ever had the misfortune of experiencing a sharp stick in your eye, then you have a great reference point for today's bond market movement. ...
Mon, Nov 14 2016, 9:27 AM
"Taper tantrum" refers to the market's reaction to the revelation that the Fed would begin reducing the pace of its asset purchases in mid-2013. For ...
Mon, Nov 14 2016, 7:53 PM
With Thursday marking a slightly less robust day of selling compared to Wednesday, it was all too tempting to hope that the bond market was just get...
Thu, Nov 10 2016, 10:30 AM
We talk about " momentum " a lot when it comes to bond market movement. I like reducing financial market concepts and reducing them to easy-to-unders...
Thu, Nov 10 2016, 6:19 PM
In the Day Ahead, we discussed the concept of ' momentum ' in bond markets. I likened the current momentum situation to an unexpected running of the ...
Wed, Nov 9 2016, 5:37 PM
These are the sorts of things I think about sometimes when I'm coming up with a title for the recap. If you have enough of a stake in bond market mov...
Wed, Nov 9 2016, 2:30 AM
This will be a brutally simple piece of analysis. If you'd like to see the same conclusions expressed in vastly more words, read almost anything I'...
Tue, Nov 8 2016, 9:22 AM
This week's absence of relevant economic data seems to be by design. Markets may have chosen to focus on the election even if there had been importan...
Tue, Nov 8 2016, 5:14 PM
Market participants are HUNGRY for information on election day! While that comes as no surprise (indeed, traders always want to know what's going o...
Mon, Nov 7 2016, 10:02 AM
In terms of scheduled economic data and events, this week is almost completely barren. In addition, Friday is Veteran's Day , and no matter what any...
Mon, Nov 7 2016, 5:28 PM
Today was perhaps the simplest trading session for bond markets in recent memory. There was one relevant piece of information and one meaningful mo...
Fri, Nov 4 2016, 9:52 AM
Europe.
Above all else, the evolution of the European recovery-- especially as it relates to the various fiscal and monetary policy responses in t...
Fri, Nov 4 2016, 5:00 PM
I've seen today's jobs report referred to as both stronger and weaker in several ways. At worst, it was "mixed," and generally erred on the stronge...
Thu, Nov 3 2016, 9:53 AM
There can be no doubt that bond markets are responding to recent political headlines. But there's even less of a doubt that stock markets are far mor...
Thu, Nov 3 2016, 4:57 PM
Thank the overnight trading session for an anticlimactic day. It set a healthy range of highs and lows that daytime trading never managed to break....
Wed, Nov 2 2016, 9:26 AM
Let's not get too excited, but bonds have begun an attempt to bounce at the higher side of their multi-month trend channel (the "uptrend" leading to...
Wed, Nov 2 2016, 5:25 PM
Taken in and of itself, today's Fed statement was "net-hawkish." That means, relative to the last announcement, the verbiage took small but noticea...
Wed, Nov 2 2016, 2:01 PM
(additions underlined, deletions struck-through)
For immediate release
Information received since the Federal Open Market Committee met in July...
Tue, Nov 1 2016, 9:54 AM
The Summer months sure were great for bond markets, weren't they? Massive rally in June, all-time low yields in July, and reasonable stability just o...
Tue, Nov 1 2016, 5:40 PM
The political theater is ramping up quickly, with unexpected afternoon twitter headlines stealing the show from longstanding market movers like ISM ...
Mon, Oct 31 2016, 10:15 AM
It's no mystery that the prevailing trend in bond markets has been negative for several months. At first , this was no big deal, as Treasury yields ...
Mon, Oct 31 2016, 5:09 PM
The last trading day of any given month is more volatile and more actively traded than the average trading day. That wasn't the case today, which i...
Fri, Oct 28 2016, 10:26 AM
It's going to be a while until we can truly sort out whether the current bout of bond market weakness is the same sort of correction seen in early 201...
Fri, Oct 28 2016, 4:48 PM
After 2 days of heavy selling in global bond markets, today was a relative paradise of inactivity. Volume remained rather high by historical standard...
Thu, Oct 27 2016, 9:52 AM
Paul McCartney will only be signing about "bonds on the run" if he's in the market for a mortgage, because bonds are running in the wrong direction. ...
Thu, Oct 27 2016, 6:50 PM
Traders who reported seeing buying signals as 10yr yields approached 1.80 earlier this week would surely like to borrow a time machine . In retrospe...
Wed, Oct 26 2016, 9:37 AM
Last week provided some hope for bond markets due to a relatively strong move off the recent highs. 10yr yields recovered from the previous week's 1....
Wed, Oct 26 2016, 5:41 PM
Bonds were stronger during Asian market hours this morning, but things changed quickly as European trading got underway. Relative to Treasuries, Euro...
Tue, Oct 25 2016, 9:37 AM
At the risk of repeating a common refrain, rates have been rising gradually since July and in a more volatile way since early September. I've chalked...
Tue, Oct 25 2016, 4:58 PM
On the surface, today was a boring day for bond markets. 10yr yields ended less than a bp lower than yesterday's close and Fannie 3.0 MBS were comple...
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