Uneventful Summertime Monday

Monday started slow and stayed slow throughout.  MBS held well within the narrowed intraday trading range in nearly a month in addition to hitting the 3pm bell at exactly the same levels seen at 8am. There were no relevant economic reports or market movers.  Treasury volumes were right in line with the lowest levels of any day in the past month.

Econ Data / Events

Leading Indicators

-0.6 vs -0.3 f’cast, -0.2 prev

Market Movement Recap

10:17 AM Stronger overnight the weaker at 9am with EU bond auctions.  10yr up half a bp at 3.885. MBS down 1 tick (.03).

01:16 PM Sideways near best levels.  MBS up 1 tick (.03).  10yr down 2.2bps at 3.86