The Day Ahead: GDP, Consumer Sentiment, and Euro Headline Potential
January 27, 2012 – 4:56 amPosted To: MBS Commentary
Volume in the overnight session was just under recent averages but respectable overall. 10yr Treasuries rose as high as 1.9681 after a relatively strong Italian debt auction. Beyond that, there was no major driver of trade as it seems bond markets have opted to shy away from overly aggressive bullish breakouts and are perhaps waiting for this morning's GDP, next week's NFP, or resolution to Greek bond-swap talks that may come some time in between. MBS are opening 2-3 ticks lower; S&P futures just slightly higher, but generally followed bond markets overnight. The world economic forum in Davos continues. The schedule is packed with what sound like meaningful events, such as a "panel debate on the future of the Euro-zone," but as always, we'll have to wait for potentially meaningful news...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.