MBS RECAP: Negative Long-Term Trend Continues

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Posted To: MBS Commentary

Bond markets continued pushing back toward recent long-term high yields today, and without any overt motivation. The overnight session saw European bonds paradoxically move lower in yield despite stronger economic data and generally positive Greece-related headlines. That's the sort of paradox we can live with, but Treasuries weren't buying it (literally). 10yr yields did allow themselves a bit of a rally with Europe, but a 6bp gain in German 10yrs was only good for a 3bp gain in US 10's. After Germany bounced, so did Treasuries. US markets then took over as the pacesetter for the day. The morning economic data was twice shunned . First up, weaker Durable Goods provided no benefit for the selling momentum. Then stronger New Home Sales data did no damage when bond markets were recovering...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/481798.aspx

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