More Signs of Resilience Amid Month-End Buying Spree

It was a generally resilient day for the bond market after a bit of a scare in the morning. European inflation data caused a sell-off in EU bonds that spilled over to Treasuries overnight. Selling continued in the first few hours, but bonds began to recover after a slightly weaker Chicago PMI report. A calm, sideways mid-day gave way to stronger buying as month-end trades crowded in before the 3pm CME closing bell. Month-end buying aside, bonds were already showing a good amount of resilience by holding their ground in spite of the European influence.

Moderately weaker overnight with Europe leading the way. Slight recovery early. 10yr up 2bps at 3.943. MBS down 3 ticks (.09).

Nice bounce back after 10am. 10yr up only 1.2bps at 3.934. MBS down only 1 tick (0.03).

Progressively stronger into the 3pm CME close with month-end buyer helping yields turn green. 10yr near unchanged on the day. MBS down only 1 tick (0.03).

More Signs of Resilience Amid Month-End Buying Spree

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