Fairly Uneventful But Perhaps Not For Long
Mon, Aug 28 2023, 3:35 PM
Fairly Uneventful But Perhaps Not For Long
The week began with a perfectly normal example of a summertime Monday with lighter volume, no major movement, and trading levels remaining well inside the range of the past few sessions. Bonds started fairly flat but improved at the 8:20am CME open (movement surrounding opening bells = another hallmark of lighter summertime trading). Gains continued at a modest pace despite Treasury auctions. Perhaps bonds are having a ceiling feeling as long as this week’s data plays ball?
09:24 AM
Flat to slightly weaker overnight. Friendly bounce at 8:20am CME open. 10yr down 1.1bps at 4.204. MBS up an eighth of a point.
01:31 PM
Flat through the uneventful 5yr Treasury auction. 10yr down 1.7bps at 4.419. MBS up 3 ticks (.09).
03:26 PM
Best levels of the day with MBS up 7 ticks (.22) and 10yr yields down 3.5bps at 4.401.
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Source: mortgagenewsdaily.com