Absence Makes the Bonds Grow Stronger
2 Hours, 56 Min ago
Bonds improved at a moderate pace for the 2nd day in a row, thus marking the first sustained push back against the recent rate spike. The gains are notable because they are not being driven by any big, new developments on the trade/tariff front. Instead, it is the absence of any such developments that is allowing the market to get back into a relatively calmer groove. That said, we wouldn’t take the calm for granted. Bonds have merely moved back to more nimble territory as we wait for more policy clarity.
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- Import Prices
- -0.1 vs 0.0 f’cast, 0.2 prev
- Export Prices
- 0.0 vs 0.0 f’cast, 0.1 prev
- NY Fed Manufacturing
- -8.1 vs -14.5 f’cast, -20.0 prev
- Import Prices
10:16 AM
Choppy, sideways, but slightly stronger overnight. MBS up 3 ticks (.09) and 10yr down about half a bp at 4.367
01:04 PM
Gains continue. MBS up a quarter point and 10yr down 5.5bps at 4.32
03:13 PM
Down an eighth from the best levels of the day, but still up 5 ticks (.16). 10yr down 4bps at 4.333, but up a few bps from best levels.Â
04:34 PM
Avoiding further weakness this afternoon. MBS up 5 ticks (.16) and 10yr down 4.4bps at 4.33
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