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Treasuries hold steady after ISM impact, fuel prices steady
The 10-year yield was largely rangebound around 4.6% as mortgage-backed securities stayed roughly unchanged.
Mortgage News Daily reports that Treasury and MBS markets held mostly steady on Wednesday after pausing a recent pattern of modest day to day movement.
The outlet cited economic data as not getting in the way in any noticeable way, noting that ISM data briefly helped bonds move away from weaker levels during the session.
A key driver, according to Mortgage News Daily, was stable and sideways fuel prices, with Treasuries and mortgage-backed securities only technically slightly weaker or essentially unchanged.
Looking ahead, the report said familiar risks remained tied to potential Iran war headlines and Friday's NFP, while the 10-year yield ended the day range around 4.6%, including readings near 4.611% and 4.619%.