Two-Way Trading But Not Much Day-Over-Day Movement

Bonds had a solid morning, adding moderately to yesterday’s rally and taking yields well into the lowest levels since last Friday. But from just after the 9:30am NYSE open, bonds leaked slowly weaker, ultimately ending the day closer to unchanged levels. In the bigger picture, nothing interesting or significant happened, and December 16th (jobs report day) is set to be the only other obviously tradeable day of 2025.

Econ Data / Events

Jobless Claims

236k vs 220k f’cast

Continued Claims

1838k vs 1950k f’cast

Market Movement Recap

10:23 AM Stronger after claims data. MBS up 6 ticks (.19) and 10yr down 3.6bps at 4.115

12:44 PM MBS up an eighth and 10yr down 2.7bps at 4.123

02:30 PM Gains fading a bit. MBS up only 2 ticks (.06) and 10yr down 1.1bps at 4.14

03:57 PM drifting out at same levels as last update.  MBS up 2 ticks (.06) and 10yr down 0.9 bps at 4.142