Bank Lifelines Lead Bond Market Reversal

Bank Lifelines Lead Bond Market Reversal Financial markets continue feeling out prospects for global banking contagion.  Yesterday was a more fearful day, so bonds rallied.  Today was a more hopeful day, so bonds sold off.  That simple. Econ Data / Events Housing Starts 1.45m vs 1.31m f'cast, 1.32m prev Building Permits 1.524m vs 1.340m f'cast, 1.339m prev Philly Fed Index -23.2 vs -15.6 f'cast, -24.3 prev Jobless Claims 192k vs 205k f'cast, 212k prev Market Movement Recap 08:52 AM Mostly flat overnight with modest gains early and no reaction to data.  MBS up a few ticks.  10yr down 3.7bps at 3.425 10:25 AM Some initial weakness after ECB press conference, but bouncing back now.  MBS up an eighth and 10yr down 7.5bps at 3.388%. 10:57 AM Losing ground quickly on First Republic bailout headlines.  MBS down more than a quarter point from highs.  10yr quickly up 8-9bps at 3.458. 03:34 PM Selling spree leveled off shortly into the PM hours.  Holding fairly flat with MBS down 3/8ths on the day and 10yr yields up 10.5bps at 3.57.
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