Posted To: MBS Commentary
Treasuries hit their highest yields since the beginning of July today, although they'd already begun to calm down by the start of the domestic session. Still, multi-month highs at any point in the day are not the sort of things that allow us to make a compelling case for a supportive bounce. True, bonds did make it back to unchanged levels by the afternoon, but those levels remain above a few key pivot points, including 2.28% and yesterday's highs just over 2.31%. We'd need to see much more in order to bank on the return of strong buying demand in bonds. The morning data did nothing to help or hurt , nor would we expect it to. Final GDP numbers are so stale by the time they come out (last month fueling Q2 GDP data was JUNE, after all) that they don't tend to move markets anyway...(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/2yvYoUg
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