- This just in: Bonds are higher for a third straight session.
- Helping sentiment today was a stinker of a new home sales number for January, with the seasonally-adjusted annualized rate of 593K down 7.8% from December and well shy of hopes for 648K. It's also 1% weaker than the rate in January a year ago. This report's numbers are subject to sometimes sizable revisions.
- In any case, the 10-year Treasury yield - at one point last week flirting with 3% - is off another 3.6 basis points today to 2.83%.
- In other fixed-income news, bullish contrarians may surely be hearing a bell ringing for a top in yields after Goldman over the weekend started talking about the implications of the 10-year yield hitting 4.5%. How about punching through 3% first?
- Put Morgan Stanley (NYSE:MS) in that group of contrarians. The rates strategy team there is happy to take the other side of bearish bets by the likes of Goldman and Warren Buffett.
- TLT +0.6%, TBT -1.2%
- Now read: Is It Ever Different This Time?
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