Posted To: MBS Commentary
It was an intensely soporific trading session today. Bonds started out in positive territory and then began a slow, steady grind back toward unchanged levels. On the week, the trend was moderately weaker and completely lacking in conviction. Trading direction was serendipitous in the short term, but mechanical and technical in the slightly bigger picture. In other words, there were no overt motivations for rates to be moving, but once they began moving, it was the technical boundaries of the trend that suggested the bounces. The only exceptions to this phenomenon were the 3 and 30yr Treasury auctions. Had it not been for those two events, the week may well have been completely flat. As for today itself, there was Import/Export data in the morning, but no market reaction. The 8:20am CME open…(read more)
Via:: MBS RECAP: Drifting Into the Weekend Near Unchanged Levels
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