Posted To: MBS Commentary
Traders Shrug Off Fed Minutes to Keep buying Bonds Hindsight is 20/20 and it now seems clear that traders were indeed sitting on their hands heading into the holiday weekend, but otherwise may have been buying more aggressively in the wake of the acceptably strong jobs report on Friday. Yesterday brought the first big glut of buying (with much of it in place before the weak ISM data). Today struck a similar chord with rallies at 8:20am and 9:30am (the CME and NYSE opens, respectively) further suggesting traders were lined up to buy. The Fed Minutes at 2pm were insignificant compared to that tradeflow-driven rally. With that, MBS and Treasuries are both heading out the door at the best levels since February. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Market Movement Recap 08:21 AM Flat…(read more)
Source: Mortgage News Daily
