Uneventful Start to 2025
Thu, Jan 2 2025, 4:38 PM
Bonds began the day in moderately stronger territory before losing ground after the Jobless Claims data. AM selling stalled out shortly after bonds hit negative territory and settled sideways to slightly stronger in the afternoon. While that constitutes a reasonably amount of volatility (as did the previous session on Tuesday), the magnitude of the movements has been fairly mild. All in all, it’s an uneventful start to the new year and a typically boring winter holiday trading environment. If there’s one thing to focus on, it’s that trading levels are still right in line with the day after Fed day. If there are two things, the second would be that yields are a bit lower than they were at the end of last week.
- Jobless Claims
- 211k vs 222k f’cast, 219k prev
- S&P Manufacturing PMI
- 49.4 vs 48.3 f’cast, 49.7 prev
- Jobless Claims
09:30 AM
Stronger overnight, erasing Tuesday weakness, but backtracking a bit now. MBS up an eighth and 10yr down 2.5bps at 4.547
11:22 AM
Weakest levels now. MBS still up 2 ticks (.06) and 10yr still down 0.3bps at 4.569
04:13 PM
MBS right in line with previous levels, up 2 ticks (.06) and 10yr down 1.3bps at 4.559
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