Posted To: MBS Commentary
Bond markets began the overnight session in fine shape. Global markets were shedding risk after weaker Chinese manufacturing data. But the gains were short-lived. When European markets began trading, stocks and bond yields moved higher on a combination of decent data and soothing central bank speeches. By the start of domestic trading hours, US bond markets were only in slightly weaker shape. The negative momentum continued through 11am, bringing MBS and Treasuries close to yesterday's weakest levels. We've managed to bounce a bit since then, but there certainly hasn't been a convincing comeback yet. Corporate bond issuance continues adding supply pressure during a week that already has more than $100 bln of various Treasury debt being auctioned. This notion of "supply"...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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