Posted To: MBS Commentary
Bonds began the day in slightly stronger territory (emphasis on "slightly"). The overnight session was calm and thinly traded with Japan being out of the office for the day. European bond trading helped set a positive tone for US bond markets, but that began to erode shortly after the NYSE open (9:30am ET). It would be fair to think that 9:30am weakness has something to do with the stock market–especially in light of the fact that stocks began making gains around that time. Indeed, I wouldn't rule that out. But stocks have been rallying fairly consistently since the beginning of the year and the upswings haven't been especially correlated to bonds, so perhaps there's something deeper going on. For that deeper something, look no further than the "issuance" landscape…(read more)
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