Waiting Game Returns With Straightforward, Sleepy Friday
Fri, Oct 18 2024, 4:03 PM
Bonds were technically a hair weaker in the overnight session, but even if they never improved from those levels, yields still would have been inside the prevailing range (4.0 to 4.12 in terms of the 10yr). As it stands, they did improve a bit, ultimately hitting 4.063 at the lows and holding near there through the close. MBS picked up a microscopic gain as well. All of the above is perfectly reasonable considering the lack of motivation in economic data. Today’s only report (residential construction) hasn’t moved markets in over a decade. With that, we’re back to waiting for relevant data with the next notable installment not arriving until Thursday.
- Housing Starts
- 1.354m vs 1.350m f’cast, 1.356m prev
- Building Permits
- 1.428m vs 1.46m f’cast, 1.47m prev
- Housing Starts
10:05 AM
Unchanged to slightly weaker overnight, but making early gains. MBS up 3 ticks (.09) and 10yr down 2.4bps at 4.068
01:20 PM
Stronger into mid-day, but leveling off now. MBS up 2 ticks (.06) and 10yr down 2.2bps at 4.07
03:28 PM
Sleepy day with low volatility. MBS up 1 tick (0.03) and 10yr down 1.8bps at 4.074
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