Bonds Doing What Bonds Do
1 Hour, 50 Min ago
Another week, another chance for bonds to do the only thing it seems like they know how to do recently: sell off. It actually didn’t look like a foregone conclusion this morning. Bonds were only slightly weaker overnight and managed to move into positive territory in the first hour and a half of domestic trading. After that, the selling was consistent and directional for the rest of the AM hours. A combination of Treasury auction indigestion and ongoing pre-election positioning can broadly be blamed, but without the normal level of correlation between singular big ticket data releases or news headlines and market movement, we’d take most assessments with a grain of salt when it comes to “what’s moving markets.”
09:16 AM
weaker overnight, but bouncing back early. MBS up 1 tick (.06) and 10yr down 1.2bps at 4.23
11:05 AM
Weakest levels of the day now with MBS down 2 ticks (.06) overall and 5 ticks (.16) from the highs. 10yr up 2.1bps at 4.263
12:30 PM
MBS down 7 ticks (.22) and 10yr up 4.7bps at 4.289
02:54 PM
Off the weakest levels. MBS down 5 ticks (.16) and 10yr up 3.3bps at 4.275
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