Posted To: MBS Commentary
With last Thursday's rally, bonds had a chance to challenge the prevailing sideways range (from 2.80-2.91 in 10yr yields). Friday's weakness was set to assign a failing grade to that breakout attempt, but late-day strength kept some hope alive. By the time the domestic session got underway today, it was clear that any breakout attempt had been soundly defeated . Yields were near 2.85% to start the day after linear selling pressure overnight. Markets were thinly-traded relative to the previous 3 days (which had seen strong volumes and active trading). Stocks and bonds weren't perfectly correlated in terms of magnitudes, but each was generally moving the same direction as the other today. As such, bonds were able to recover as stocks sold off in the first 90 minutes of the NYSE session...(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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