Posted To: MBS Commentary
No love for bond markets… That’s the only possible takeaway after a day where technicals are stacking up in a friendly way, Retail Sales and several other economic reports come in weaker than expected, a 10yr Treasury Refunding Auction absolutely knocks the cover off the ball, yet bond markets STILL manage to end red on the day. Bonds ended red at home and abroad. While the “abroad” story continues to be one of the most compelling factors for domestic bond markets, we were also hit again today with heavy corporate issuance. Recall yesterday that we mentioned the morning rate spike resulted in several large players holding off bringing their deals to market. 10yr yields were 14bps lower this morning, so guess what… Corporate creditors unloaded with another multi-billion dollar day, led by…(read more)
Via:: MBS RECAP: Even With Plenty of Help, Bonds Still Blew It Today
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