Uneventful!
Through the 3pm CME close, today’s trading volume in longer term Treasuries was the lowest in months and one of the lowest non-holidays of the year. There were several Fed speakers making the rounds and several of their comments seemed like the sort of thing that might get the market’s attention, but there was no discernible reaction. Bonds began the day sideways, lost some ground early in the session for unknown reasons (could be Europe, oil prices, or year-end positioning), and stayed almost perfectly flat for the rest of the day. There will be more economic data as the week progresses, but fewer traders left in the office to react.
Econ Data / Events
NAHB Builder Confidence
37 vs 36 f’cast, 34 prev
Market Movement Recap
12:13 PM roughly unchanged overnight and slightly weaker into the 10am hour. Leveling off since then. 10yr up 4.3bps at 3.958. MBS down 3 ticks (.09).
02:30 PM Flat all day after AM volatility. MBS and Treasuries both right in line with last update.
03:44 PM Microscopic improvement in Treasuries with 10s up 3.5bps at 3.95. MBS still down 3 ticks (.09).
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