Market Indecision After Moderna Vaccine News; Calm Day For Mortgage Rates
Bond Market Indecision After More Vaccine News Another Monday, another early morning announcement of staggeringly high efficacy in a covid vaccine trial. This time, however, bonds didn't lose nearly as much ground and they recovered much more of what they lost. Are traders more interested in buying bonds with yields at these levels or are they merely taking their time navigating what promises to be a long and curvy path back from the depths of the pandemic? Yes... Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Empire State Manufacturing 6.3 vs 12.75 f'cast, 10.5 prev Market Movement Recap 08:47 AM Bonds were modestly stronger for most of the overnight session, but sold off after Moderna's vaccine trial news just before 7am. The damage was minimal compared
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