More Defensive But Not Without Hope 2 weeks ago, a heavy slate of supply contributed to small-scale panic in the bond market. Tensions eased last week and technical ceilings were confirmed. With another slate of Treasury supply kicking off on Tuesday, we’re on the lookout for last week’s linear, positive trend to face some resistance. If we don’t see any, it would speak volumes to market’s comfort level in a narrow range near all-time lows. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Market Movement Recap 08:29 AM Initially flat overnight before following European yields higher at 3am. Bonds calmed down a bit heading into domestic hours, but both Treasuries and MBS are slightly weaker now. Stocks are up almost a percent to new record highs (S&P futures

2020-08-24 19:02:17

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Courtesy of Mortgage News Daily

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