Market Update
10yr yields ended the day 0.1bp higher than yesterday, at 4.029 vs 4.028, essentially unchanged and holding at the best levels since Sep 17.
MBS added 2bps to yesterday's close, reaching 4-week highs. Volume was lower than yesterday but still elevated compared to most of last week, despite the narrow range and light volatility.
A mid-day bump in Treasury yields was observed, but no obvious triggers were found apart from speculation on liquidity conditions and funding market stress.
traders pointing to a big take up in the Fed's standing repo facility
This explanation is questionable due to the timing of the repo announcement. Another possible reason is the often-noted volatility on tax deadline and adjacent days.
Author's summary: Yields remained fairly flat at strongest levels in weeks.
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