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Bonds end day roughly unchanged as oil prices surge mid-session
The U.S. 10-year yield finished 1.9 basis points lower at 4.536%, while MBS rose 1 tick, as a mid-day fuel-price move was linked to missile headlines.
Bonds ended the day roughly unchanged after a stronger start, even as stocks gave back earlier gains, according to Mortgage News Daily.
The outlet said the weaker mid-day tape in assets was not clearly attributable to shifting stock versus bond allocation, and instead pointed to a mid-day surge in fuel prices, especially after 11 a.m., that may have followed headlines about U.S. missiles striking an oil tanker docked at Kharg Island.
Overall, Mortgage News Daily characterized the session as part of a bigger positive stretch, noting yields finished slightly lower than last Friday.
Looking ahead, the week was described as having limited data and falling under the pre-FOMC blackout period, with bonds expected to stay sensitive to oil price volatility and potential stock swings.