MBS MID-DAY: Lower Oil and Mixed Data No Help For Bonds

By Matthew Graham

Posted To: MBS Commentary

To make a long story short, bond markets have been correcting from their recent rally ever since Greece began correcting from their recent rout . The latter hasn’t taken any new steps today, but the fact that Greek yields haven’t gone right back to skyrocket mode is enough for core bond markets to be cautious. After having improved vs German debt to the tightest levels in weeks and with NFP coming up in 2 days, US Treasuries are understandably underperforming Germany now. So as German Bunds continue a 2-day bounce higher in yield, Treasuries have done the same. It’s been strongly guided by technical levels and the tradeflow-based motivations (as opposed to trading based on fundamentals and news) is clearly seen in the timing of the movement (US spread vs Germany was steady all night…(read more)

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