Today marks the inauguration of Barack Obama as America's 44th president. There are no economic reports due for release, but lately that hasn't stopped Mortgage Bonds from trading erratically... and today is no different.
The markets are waking up and realizing that more Treasury Bonds will inevitably have to be sold in order to carry out the rescue plans and stimulus packages of late. The additional Bonds create more supply than demand, which drops prices. Treasuries, in particular, are under very heavy selling pressure this morning.
Overall, prices have improved significantly from their worst levels earlier. I recommend floating for now as prices test an important level of support. If the situation changes, I will let you know.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment