Bonds Pull Back, But It's Still a Waiting Game

Despite some modest weakness to begin the day, bonds remain smack dab in the center of their recent range.  We've officially begun the waiting game.  

Econ Data / Events
Market Movement Recap
08:06 AM

Bond yields and stock prices were inconsequentially higher overnight and remained very flat throughout Asian and European sessions.  MBS starting the day 2 ticks (.06) weaker. 10yr yields up 1.3bps at .653.

10:15 AM

Weakness accelerated into the 10am hour, roughly following a stock surge.  Bonds seem to be finding support for now though.  10yr yields up 2.3bps at .663 and UMBS 2.0 down an eighth on the day.

01:12 PM

Solid defensive stand continues for the bond market after strong 10yr auction.  MBS at highs of day, up just a hair.  10yr yields near lows of day, but still a bit weaker vs yesterday.