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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