Posted To: MBS Commentary
If we simply consider the close-of-the-day trading levels in bond markets, today was "unchanged." The intraday activity tells only a slightly more detailed story. Treasuries were weaker in the overnight session and never showed much of a desire to overcome that plight until the 9:30am NYSE open. This is highly suggestive/supportive of " month-end tradeflows" driving much of the momentum. Today even provided another interesting way to confirm the "month-end" theory. At 9:45am, Chicago PMI came out much weaker than expected. You would have been within your rights to chalk up some bond market gains to the data. Then, about 2 hours later, the headline was corrected such that the Chicago PMI was much STRONGER than expected. If bonds were interested in the data, we would...(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/2rFVo8H
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