MBS Day Ahead: Draghi Speeches and Treasury Auctions Begin as Bonds Test Breakout

Posted To: MBS Commentary

In the day just past, bonds began the week slowly and without much conviction. Friday's post-NFP weakness was essentially confirmed by the fact that yields held near post-NFP highs without any meaningful push back. The consolation is that we didn't see any new highs versus Friday's levels. There were no meaningful economic reports or market-moving headlines–only the sense that traders were waiting to see what Powell had to say in this week's congressional testimony and what the Fed had to say in the Minutes release on Wednesday. In the day ahead, markets will continue waiting on Wednesday as the biggest day of the week in terms of potential motivation. Today's Powell speech is merely a video feed at a Fed conference on bank stress testing. Given the topic, there would need…(read more)

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MBS Day Ahead: Draghi Speeches and Treasury Auctions Begin as Bonds Test Breakout
MBS Day Ahead: Draghi Speeches and Treasury Auctions Begin as Bonds Test Breakout

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