MBS RECAP: Bonds Refuse to Rally Big After CPI's Big Miss

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Posted To: MBS Commentary

Bond markets were clearly interested in today's Consumer Price Index (CPI) data. It generated a larger single minute of volume than the minute following last Friday's NFP report (the one that caused bonds to tank due to the wage growth component). Given the much weaker reading, it was no surprise to see bonds rally fairly well for the next hour. The surprises showed up from there on out, however. Rising European bond yields and advancing equities caused a quick correction for Treasuries and MBS--both of which briefly returned to negative territory. We managed to shake off the weakness as the European session wound down, but without making it back to the better levels of the day. No matter! Perhaps investors were waiting to digest the 30yr bond auction. But the auction was no help. Even...(read more)

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