Mostly Sideways and Lacking Inspiration

by Matthew Graham

Mostly Sideways and Lacking Inspiration Tuesday may as well have been a holiday. Volumes were among the lowest for any day in weeks and the lowest for a Tuesday in several months. The economic calendar was effectively empty and news/headlines had no discernible impact. There was token improvement in the AM hours but that merely served to keep yields in an increasingly narrow consolidation pattern that's been underway for over a month. Market Movement Recap 08:38 AM MBS up roughly an eighth of a point and 10yr down 2.6bps at 4.486. Heavy selling in stocks may be helping 11:50 AM MBS up 6 ticks (.19) and 10yr down 3.4bps at 4.478 02:35 PM Off best levels. MBS up 3 ticks (.09) and 10yr down 1.9bps at 4.493