Here's What Matters on Fed Day
Abstract
Here's What Matters on Fed Day Bonds sold off some more today because why not?! 10yr yields were more involved than 2s for a change, ultimately setting new long-term highs of 3.604. 10yr yields up 7.4 bps to 3.569 and MBS down roughly 3/8ths. 10yr up 9bps at 3.583 and 4.5 UMBS down almost 3/8ths at 97-06. 10yr at highs of the day, up more than 10bps trading just under 3.60%. MBS down 14 ticks. 10yr yields now up "Only" 7.9bps at 3.573 after being over 3.60 at the highs. 10yr yields now up only 4.7bps at 3.542 and MBS down only a quarter point. Giving up some of the mid day gains after 2pm, but no major shift in intraday terms for MBS. Treasuries have lost a bit more ground with 10yr yields up 7.4bps now at 3.569.