MBS RECAP: Early Weakness Moderates; MBS Outperform Despite Losses

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Posted To: MBS Commentary

Yesterday afternoon's weak momentum (inspired by comments from Fed's Lockhart) carried over into the overnight session. Additional losses were contained in the Asian market hours with Treasuries then holding fairly steady despite European bond market weakness. Perhaps Treasuries were waiting to see how the morning's important data would come out before continuing in the selling trend. First up was ADP Employment, and while it was weaker than expected, the underlying message was that it wasn't weak enough to stave off selling. On the other hand, we could just as easily dismiss ADP and instead chalk the next 105 minutes of movement up to European bond market weakness and tradeflows at the NYSE open (9:30am). After all, even though Treasuries would go on to lose more ground on...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/496483.aspx

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