Posted To: MBS Commentary
It's not normal for a 5yr Treasury auction to cause the biggest move in any given day for bond markets. That's an honor typically reserved for 10yr auctions and even those are hit and miss. To be fair, today's 5yr auction definitely didn't cause a major reaction. It was simply the only quasi-relevant event on the calendar of scheduled events. Unscheduled events were dominated by coverage of Hurricane Harvey. All of the above transpired against the backdrop of the very light trading activity that exemplifies summertime Mondays. In that environment, it's easier than normal for any given event or any given piece of economic data to have an outsized impact. Caveats aside, should we be interested in the fact that yields broke below 2.16%? After all, that's an important technical...(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/2wjCP9B
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