- European bonds did not lead the way lower for a change
- But European (and domestic) stock markets sure did
- 10yr yields fell 3.1 bps to 1.613 as S&P dropped nearly 20 points
- Fannie 3.0s gain 3 ticks to close at 102-31
Bond markets had a good day today, and without the help of European bond markets for a change. "Help" could be a relative
There were no significant economic reports today and the only apparent market mover was an updated Brexit poll showing a slightly higher probability of Great Britain leaving the EU. We can't really assume that was the full story, however, because there was not a corresponding move in currency trading (which would have been a dead giveaway).
The only other overt development at the time was the closing bell for European equities markets and a drop to the lows of the day in domestic equities markets. As such we can give a nod to the good old 'stock lever' as a market mover today, even if we can't, and shouldn't, assume it will continue to be a market mover.