Drowsy Pre-Fed Day, However Slightly More powerful

Sleepy Pre-Fed Day, But Somewhat More powerful

Tue, Mar 17 2026, 4:07 PM

Sleepy Pre-Fed Day, But Somewhat More powerful

Bonds did something they have not done in nearly 3 weeks today. They closed at stronger levels for the second consecutive day. The last time that took place was February 27th at the end of the excellent month-long rally. While today was stronger, it wasn’t exactly outstanding (or event that interesting). The most significant development was the fact that bonds rallied in spite of slightly greater oil costs. This is the opposite dynamic from particular minutes last week where bonds underperformed a 1:1 connection with oil.

• • NY Fed making
    • -0.2 vs 3.2 f’cast, 7.1 prev

08:27 AM

at first weaker over night, then steadily more powerful. MBS up 3 ticks (.09) and 10yr down 1bp at 4.21

12:32 PM

Near finest levels. MBS up 5 ticks (.16) and 10yr down 3bps at 4.19

02:48 PM

Off finest levels. MBS up 3 ticks (.09) and 10yr down 1.9 bps at 4.20

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