Only So Many Ways to Say Sideways It was an uneventful, boring, uninspiring, and unenlightening summertime Monday in the bond market--the kind that would have been put to far better use in the construction of another 3-day weekend. But alas! It happened (barely) and that leaves us with the unpleasant task of finding anything meaningful to observe. Such days reduce the analysis to focusing on technicals and bigger picture themes. On the technical front, 10s battled the 3.72% range floor yet again, but failed to maintain the breakout. The bigger picture theme of "recession and disinflation" versus "a surprisingly persistent status quo" received no compelling new evidence today (which makes it easier to reconcile the flatness). Market Movement Recap09:44 AM Stronger overnight, but weaker since 9am. 10yr down half a bp at 3.73. MBS up 2 ticks, but down an eighth from AM highs. 01:46 PM Very flat after morning correction. MBS up 2 ticks (0.06) and 10yr yield down 1.6bps on the day at 3.721. 03:44 PM Completely unchanged since the last update. No relevant events or headlines.
Only So Many Ways to Say Sideways It was an uneventful, boring, uninspiring, and unenlightening summertime Monday in the bond market--the kind that would have been put to far better use in the construction of... (read more)
The average 30yr fixed mortgage rate has been holding just under 7% for the entire month, making June the least volatile month in well over a year. An absence of volatility frequently speaks to indecision in the bond market (interest rates are ... (read more)
How can it be that it’s been 14 years since Michael Jackson died of acute propofol intoxication? (A drug that is used for the induction and maintenance of general anesthesia.) The world certainly took notice of his death, and moving into mortgage ban... (read more)
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