MBS MID-DAY: Everyone Loves Bonds! Except Greek Bonds!

By Matthew Graham

Posted To: MBS Commentary

The overnight session was orderly and positive for Treasuries. Yields continued mechanically grinding lower from yesterday’s bounce at 1.785 (10yr Treasuries). Early domestic traders piled on to the rally , with month-end index buyers getting in before further potential price increases. This made for a trend that was largely intact before the weak economic data at 8:30am, though the data did provide a bit of a boost. Bonds looked to be bouncing with stocks at the cash open, but held their ground as stocks topped out. The next leg of the rally followed Greek headlines that effectively increased the odds of a Eurozone exit. Greek bonds tanked and German bonds soared . Treasuries didn’t take too much part in that move, but it did spill over to some extent. More than anything, there’s…(read more)

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