Posted To: MBS Commentary
Crazy Day For Bonds. Is The Worst Over? For 2 straight months, and especially over the past few weeks, we've been calling out the Georgia senate election as the biggest ticket market mover for bonds. It proved its importance today as 10yr yields broke above 1.0% for the first time since March 2020. Selling hit hard overnight, and a second wave hit at the 9:30am NYSE open as stock prices and bond yields moved higher in concert. There was never a convincing push back in the other direction despite the drama unfolding in the capitol building. All we have is a ceiling for today. It remains to be seen if it will be a ceiling for more than a day. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) ADP Employment -123k vs +88k f'cast, +304k prev Factory Orders…(read more)
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