Posted To: MBS Commentary
Bonds were stronger during Asian market hours this morning, but things changed quickly as European trading got underway. Relative to Treasuries, European bond markets blasted toward higher yields fairly quickly. Blame can be spread fairly evenly between data, new debt supply, and the ongoing selling trend in global bond markets. (New debt supply refers to new bonds coming to market, competing for investors' affections. Econ 101: higher supply = lower prices). This morning's economic data didn't present too big a hurdle for bond markets. New Home Sales came in just shy of expectations and the previous reading was revised down from 609k to 575k. If any data had a noticeable effect, it was the oil inventory report at 10:30am. Treasuries and MBS have had limited correlation with oil...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2dLMniR
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