Posted To: MBS Commentary

There were spooky stories told around bond market campfires late last week. The monster in those stories was the looming specter of the Treasury auction cycle in the week ahead. Another slate of record supply… and on a week where congress made real progress on the $1.9 trillion covid relief bill (something that only makes Treasury supply scarier). Add record high stock prices to the mix and it promised to be a challenging week ahead for bonds. So far, the stories seem to have merit as 10yr yields hit the highest levels in almost a year overnight. On the bright side, the losses have been minimal, and there’s a solid chance at a corrective bounce at some point in the next 3 days. One of the reasons for the nature of the auction cycle. Traders tend to be better sellers of bonds heading into…(read more)

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Published On: February 8, 2021 / Categories: Mortgage News /

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