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Market Commentary

Market Commentary

Today's Market Commentary
July 2, 2013
10-YEAR NOTES   93-19.5 (-2) 2.48%
FN 3% COUPON   101-17.5 (-1)
SUPPORT   2.85%
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Later this morning ISM New York, Factory Orders and Vehicle Sales will be released.

Overnight, the Nikkei rose and Treasuries found a bid on the back of a decent 10-Year JGB auction and weak stocks in Europe. In the U.S., we are opening flat/slightly down and MBS is underperforming hedge ratios by 3-4 tics. Mortgages put in a string of several strong days and are finally wider/lower for the first time since the middle of last week. With today being the last full trading day before NFP on Friday some profit taking/position squaring is to be expected. Tomorrow we will get a slew of economic data on a lightly staffed half day which could lead to some volatility and choppy trading.

At 11:00 AM EST there is a $1.25-1.75 billion UST buyback in the 2/36-5/43 sector and at 5:45 PM the Fed's Powell speaks in New York.

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