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8/9/10 |
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Treasuries put in a strong rally after a weak employment report created a new round of speculation. The market chatter included speculation about deflation and a renewal of Quantitative Easing (i.e., the Fed buys more bonds) at the Fed meeting this week. The 10-year rallied by about 3/4 of a point to yield 2.82%, the lowest level since the Spring of 2009. Mortgages could not keep up with the rally, underperforming Treasuries by as much as 3/8 of a point. |
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8/5/10 |
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Treasuries closed lower on Wednesday, pushing the 2-year yield off its all-time lows. The curve was about a basis point steeper, with the 10-year yield ending up at 2.95%. MBS had a good session, led by lower coupons. |
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8/3/10 |
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Bonds sold off on Monday in the face of a big rally in stocks and mildly positive economic data. ISM came in better than expected, even though it dropped from June, while construction spending unexpectedly rose. The selloff was concentrated in intermediate and long maturities, leaving the yield curve (2-10s) about 5 basis points steeper. |
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8/4/10 |
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Treasuries rose yesterday after the release of very weak numbers on Factory Orders and Pending Home Sales. The PHS number was a big disappointment, coming on the heels of a huge drop in the May number, leading to expectations of renewed weakness in real estate markets. Late in the day, however, better-than-expected numbers on Vehicle Sales have a touch of optimism to the market. The curve flattened on the day, even though the 2-year Treasury yield hit a new all-time low; at +5-10 over forward LIBOR, it doesn't look like a bargain. |
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8/2/10 |
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Treasuries rallied on Friday, mainly on technical concerns. Equities bounced around a little but eventually ended the day roughly unchanged, but buyers of Treasuries emerged on some month-end accumulations. The 10-year yield ended at 2.91%, leaving the curve about 4 bps flatter (2-10s). |
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