The Day Ahead: Looking for Guidance from Claims, 30yr Auction

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Posted To: MBS Commentary

As we said in yesterday's recap, Wednesday was "refreshingly straightforward," with the overnight data suggesting logically stronger opening levels, Retail Sales sparking a quick sell-off, and the exceptionally strong 10yr Treasury auction reigning us back in. When all the chips were counted, MBS ended up 1 tick in the green. While Treasuries edged just slightly weaker overall, 10's are very close to the center of a sort of "post-NFP decision making" range. In other words, last Friday's Employment data served as one of the several upward jolts to Treasury yields that have combined to form longer-term trends toward higher rates for several months. The most recent "biggies" have been the late January ECB LTRO repayment data, the late February Italian election results, and then last week's Thursday...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/299990.aspx

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