Posted To: MBS Commentary
Today was the sort of day you could ask 10 market pundits about and get 10 different answers as to the source of inspiration. From a prevalence standpoint, much of the credit for the rally was given to European political headlines, but I suspect this has most to do with the absence of big-ticket domestic news. It's true that French bond yields widened aggressively versus European benchmarks, but those moves weren't readily connected to equal or opposite moves in the US bond market. 8:20am saw the biggest surge in volume as well as a shift in the overnight momentum, and I think that tells us something about underlying motivation. 8:20am is the CME pit open. Not only do Treasuries options traders begin their day at 8:20am, but every trader that keeps a desk at the CME (it's not just...(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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