MBS RECAP: Bonds Hanging Out in Strong Territory Despite Retail Sales

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Posted To: MBS Commentary

Today brought the Retail Sales report, which was responsible for a fairly big reaction the last time it came out. This time around, the reaction was almost undetectable . Granted, that likely has a lot to do with the fact that it was much closer to consensus, or that the previous month was revised lower. But even then, traders COULD have used it as an excuse to sell bonds. In addition to Retail Sales, there were other excuses to sell. Stocks had a great day, with the S&P moving up more than 30 points intraday. The 3yr Treasury auction was on the weaker side at 1pm There are 2 more Treasury auctions coming up over the next 2 days–something that often sees a bit of weakness in the preceding days Although there was perhaps some acknowledgement of the stock surge and certain a few minutes…(read more)

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