General Risk Aversion Trade Helping Bonds

General Risk Aversion Trade Helping Bonds Bonds began the day in just barely stronger territory but continued to improve throughout. The first rally followed the 8:20am CME open--a common time of day to see a bit of extra momentum and volume. The next leg of the rally played out in the 10am hour which is when stocks did all of their selling for the day. That dynamic lends itself to the conclusion that the broader market is trading in a "risk-off" pattern amid global trade uncertainty.  Econ Data / Events Factory Orders -0.7 vs -0.5 f'cast, 2.7 prev Market Movement Recap 09:52 AM Modestly stronger overnight and holding gains. MBS up 2 ticks (.06) and 10yr down 2.6bps at 4.061 11:37 AM Best levels of the day. MBS up an eighth and 10yr down 5.5bps at 4.033 02:25 PM Holding at strongest levels. MBS up 5 ticks (.16) and 10yr down 6.2bps at 4.025