Posted To: MBS Commentary
US bond markets improved in the overnight session as European markets drove yields lower around 3am. US 10yr yields fell below 2.75% as a result, and that level acted as a floor for the rest of the session. The first bounce took the form of a gradual push back in the other direction heading into domestic trading hours. But bonds stayed strong following an 'as-expected' Q4 GDP report (not necessarily because of it--after all, it's extremely stale data at this point). Rates returned to the overnight floor just after the 9:30am NYSE open but were not willing to explore anything lower with stocks making a recovery and with the week's last Treasury auction looming. The 7yr auction was one of the worst of the past 2 years in terms of it's statistics (bid-to-cover, gap between...(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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