More War. More Selling
By:
Matthew Graham
•
More War. More Selling
Tuesday was as straightforward as it was unpleasant for the bond market. Mid-day news regarding new air strikes in Iran caused an immediate reaction in oil prices. This was more than enough to reverse the rally that followed this morning's 10am ET economic data. Oil prices hit the highest level since late July and bond yields matched the highest closing levels since January 2025.
Econ Data / Events
-
- ISM Manufacturing PMI (Aug)
- 54.6 vs 55.2 f'cast, 55.6 prev
- ISM Mfg Prices Paid (Aug)
- 71.1 vs 72 f'cast, 71.1 prev
- USA JOLTS Job Openings (Jul)
- 7.271M vs 7.3M f'cast, 7.359M prev
- ISM Manufacturing PMI (Aug)
Market Movement Recap
08:54 AM
MBS down a quarter point and 10yr up 3bps at 4.784
10:17 AM
Stronger after 10am data, but still weaker on the day. MBS down an eighth and 10yr up 1bp at 4.761
12:32 PM
MBS down 6 ticks (.19) and 10yr up 3.4bps at 4.786
02:11 PM
MBS down 9 ticks (.28) and 10yr up 4bps at 4.791