MBS RECAP: Bonds Scratch Out Green Day After Auction

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Posted To: MBS Commentary

Momentum was weaker into the morning European bond gains helped Treasuries hold under supportive ceiling Stocks kept arguing for bond weakness, but Europe and Treasury Auction turned the tide Things were tense for the entirety of the AM hours today as 10yr yields bounced near a technical ceiling of 1.80 incessantly. Most of that bouncing occurred before domestic trading began for the day, but there were at least three more solid attempts before 11am. Heading into the 11am hour, stocks broke their own short term ceiling. That would normally be a concern for bond markets–especially when stocks are potentially breaking the parabolic ceiling in the following chart–but European bond markets were already leading Treasuries back toward lower yields (that time of day is still active in Europe due…(read more)

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