Dan Beam
SVP - Director Residential Lending
Firstrust Bank
MBS & US Treasury Markets
6/30 2:15:48PM EST : Delayed Data

Month/quarter end trading is a somewhat esoteric and potentially frustrating concept for the typical market watcher because it seemingly violates the notion that market move for logical underlying reasons.  To be fair, month-end volatility also has logical underlying reasons, but the logic requires a fairly deep dive (which is why we have a primer on the topic). Today's only econ data is/was Chicago PMI which has already come and gone with no fanfare.  Trading levels are best described as sideways from Friday and the intraday range, far narrower.  If month-end volatility picks up, it would tend to be in the PM hours--especially in the 2pm-4pm ET time frame.

20250630 open2.png

20250630 open.png

09:12 AM

Modestly stronger overnight with gains at the start of EU trading.  MBS up 2 ticks (.06) and 10yr down 1.7bps at 4.264

11:49 AM

Very calm still.  MBS up 1 tick (.03) and 10yr down 1.8bps at 4.263

01:28 PM

Month-end buying picking up a bit.  10yr down 4.8bps at 4.234.  MBS up an eighth.

Dan Beam
SVP - Director Residential Lending
Firstrust Bank