Waiting For October

It seems like September only just arrived, but our sights are already set on October as the scene of the next major battle in the bond market.  Today's trading session offered nothing of value, although it was "nice" to see a token correction in bonds after hitting multi-year highs yesterday.  The coming week will be hard-pressed to reshape the narrative given the absence of big ticket data, but the following week has it in spades

Econ Data / Events
    • S&P PMI
      • services 50.2 vs 50.6 f'cast
      • manufacturing 48.9 vs 48.0 f'cast
Market Movement Recap
09:26 AM

Moderately stronger overnight with additional buying at the 8:20am CME open.  MBS up 6 ticks (.19) and 10yr down 1.8bps at 4.476.

12:24 PM

Additional gains after 10am.  MBS up more than a quarter point.  10yr down 5.2bps at 4.442.

02:03 PM

Fairly flat.  MBS up 10 ticks (.31) and 10yr down almost 7bps at 4.428