MBS Day Ahead: Treasury Auction, FOMC Minutes, and Special NFP Reflections

There’s not much to say about bond markets that continue trading in a range (marked by 2.66% 10yr yields on the high side and something less clearly delineated underfoot. It could be as low as 2.40, but key levels at 2.57 and 2.47 would need to be broken first. We’re right at the 2.57 mark in early overnight trading. Perhaps this afternoon’s FOMC Minutes will offer some guidance. Apart from that and the 1pm 10yr Treasury auction, the calendar is generally empty.

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