Mortgage Bonds drifted lower today as sellers outweighed the Fed buying. This is a case where the Fed reducing the stimulus money has a direct affect on the Bond supply. There were no economic reports to impact trading and todays so-so results from the 3-Year Note auction. The 3.5% coupon lost 31bp to end the session at 102.03. Stocks didnt see much action today. The Dow edged up 2.82 to a new record close of 16,945.92, the S&P fell fractionally to 1,950.79, while the Nasdaq closed near unchanged at 4,337.99. Oil was last seen at $104.56/barrel near unchanged. There are no major economic reports due for release tomorrow. The past week has been weak for Bonds and somewhat volatile so all eyes are on Thursday and Friday for Jobless Claims and Inflation (PPI).
Posted on: Tue, 10 Jun 2014 22:45:01 +0000
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