Mortgage bond prices remain weaker this morning pushing mortgage
interest rates higher. The data out of the euro zone was generally U.S.
debt friendly but unfortunately we cannot get any traction from the
news and the supply(Treasury auctions) heading our way this week are
weighing heavily on U.S. debt instruments.
A manufacturing
report out of Germany was weaker than expected but the initial short
term reaction did not reverse the negative sentiment this morning for
mortgage backed securities. The euro zone troubles are far from over
and we should expect more volatility.
There was no data released this morning. We have a 3Y Treasury auction this afternoon.
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