Posted To: MBS Commentary
What a quiet day it’s been so far! Today’s noncommittal sideways grind is the polar opposite of yesterday’s steam-roller. This wasn’t necessarily destined to be the case based on overnight action though. The 6am hour was particularly worrisome as overnight Treasury yields rose to their highest levels since Jan 1 after wires hit regarding Greek loan extension efforts. There wasn’t much meat to that story other than to suggest EU Commission President Juncker is working with Eurogroup on an extension of Greece’s existing program. The fact that such an extension is still predicated on Greece adhering to reform commitments means these headlines really don’t mean much. Add to that the fact that Juncker is the guy who famously quipped “when things get serious, you…(read more)
Via:: MBS MID-DAY: Bond Markets Treading Water Ahead of Fed
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