9 Day Weekend For The Bond Market
1 Hour, 19 Min ago
While it’s not technically a 9 day weekend for the bond market, it might as well be. It’s not that the upcoming week is inconsequential in terms of economic data and events, just that the data isn’t on a high enough tier to change the big picture. Perhaps if rates were closer to boundary of their recent range we could entertain next week’s reports helping to spark a lead-off toward higher or lower rates, but from our current perch, the most likely outcome would simply be a revisiting of a recent range boundary. The fact that next Thursday is an early close before a full closure on Friday only adds to the case for traders tuning out until April 1st. As for today specifically, it was a winner in terms of bond market gains, but not for any overt or interesting reason.
09:00 AM
Flat to slightly stronger overnight with additional gains at 8am. MBS up almost a quarter point and 10yr down 5.5bps at 4.214.
12:48 PM
Some weakness into 11am, but bouncing back since then. MBS and Treasuries both at same levels as last update.
02:55 PM
Heading out right in line with the same old levels. MBS up 6 ticks (.19) and 10yr down 5.1bps at 4.218.
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