MBS RECAP: Token Improvement After Auction; Early Close

By Matthew Graham

Posted To: MBS Commentary

NOTE: Bond markets close at 2pm Eastern today and normal trading hours resume on Friday. There was not much to write home about in today’s session, especially considering the short amount of time that’s passed between now and the mid-day update. We were waiting only for the 7yr auction at that time, and it turned out more-or-less as expected. The auction itself sucked (technical term). Demand was low, and that stands to reason considering it happened on Christmas Eve just a few hours before the early close. The yield was higher than expected, and it had to be in order to guarantee sufficient participation on such a day. The reaction to the auction was mildly pleasant. While we wouldn’t normally see a rally following such a crappy auction, there was a better chance of that this time…(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Via:: MBS RECAP: Token Improvement After Auction; Early Close

      

Comments

About Mortgage News Daily

Mortgage News Daily

Check Also

How To Treat Your VA

At my appraisal company, Appraisal Precision, we pride ourselves on completing our assignments timely and …