MBS RECAP: Bond Markets Hunkered Down Ahead of Fed

Posted To: MBS Commentary

Weaker Durable Goods and Consumer Confidence Didn't Help Bonds continued slow, steady selling trend 10yr yields topped out at 1.94 Fannie 3.0s lost about an eighth leading some lenders to reprice The overnight session began innocently enough for bond markets with Treasuries holding sideways to slightly stronger. Once the European session got underway, all bets were off. Treasuries were pulled higher PRECISELY from the start of European bond trading to the close. Incidentally, the European close coincides with Treasury auction time slots, so we can't necessarily say the motivations were exclusively European. We could just be looking at nervous bond markets checking anxiety-inducing events off the list ahead of the Fed. Incidentally, the European close coincides with Treasury auction...(read more)

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