Posted To: MBS Commentary
Heading into today, if you were hoping to see rates move lower, it would have made sense to hope for economic data to come in weaker than expected. There is one scenario , however, where weaker data arrives in the middle of a multi-day bond market rout and only serves as a minor stumbling block for determined sellers. In those cases, the stumbling blocks can vary in size. In today's case, sellers hurdled right over it and kept on selling. As far as confirmation of bearish momentum goes, this is about as obvious as it gets . After all, we had the weakest ISM PMI readings in more than a year (which the price/inflation component being the weakest in 3 years) and bonds weren't even able to break back in to yesterday's range! 10yr yields bounced HARD at yesterday's big volume ceiling...(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 https://ift.tt/2SzpILa
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