Posted To: MBS CommentaryBonds were weaker in the overnight session, but only slightly. The onset of domestic trading saw a stronger contingent of traders lined up to buy bonds at the 8:20am CME open . The 8:15am ADP data was weaker. It may have helped a bit, but bonds were keen to wait another 5 minutes before the first noticeable rally of the morning. We drifted sideways from there until weakness in European and US equities spilled over into a risk-off trade that benefited bonds. NY Fed’s Williams was out with several moderately helpful comments shortly thereafter (discussed in today’s Huddle video ). From a technical standpoint, today’s modest gains keep yields in the same old range, albeit right in line with the ceiling for the 3rd straight day. This puts us in a position to rally back into the range…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.