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Posted To: MBS Commentary
Despite a super narrow range throughout the day, last Friday saw 10yr yields close at the 2nd best levels of the year. With that in mind, it wouldn’t have been a surprise to see some push back into the center of the recently flat range today. In fact, that may well have been the case were it not for this morning’s weak Durable Goods data. The Durables headline came in at -1.1 vs -0.6 forecast. The important “nondefense capital goods orders excluding aircraft” (or ” Cap-Ex “) component was -0.2 vs a +0.3 median forecast. Bonds picked up just enough to put them in slightly stronger territory on the day, and there they remained–for the most part. Despite marginal weakness in the afternoon, 10yr yields hit their 2nd lowest closing levels of the year. All that having…(read more)
Via:: MBS RECAP: Weak Durable Goods Helps Bonds Hold Gains
