MBS MID-DAY: Treasuries Under Pressure Ahead of Auction; MBS Somewhat Affected

By Matthew Graham

Posted To: MBS Commentary

Today has turned out to be a total dud so far in terms of actionable information for traders. Although there’s still technically time, we’ve seen absolutely nothing of interest come out of today’s Eurogroup meeting. And that’s not to say there are headlines that are just uninteresting. There are simply no headlines! The only thing we’ve heard so far is to NOT expect a Greek deal today. Markets did nothing with that one. That’s left bond markets with only one salient trading consideration for the day: the 1pm 10yr Treasury auction. In rather classic form, 10yr yields broke slightly higher purely based on their own tradeflows and technicals around 10:40am. In other words, the move wasn’t led by European bond markets or the stock lever. This reiterates the fact that…(read more)

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