Press release from Business Wire
Wall Street Webcasting Presents Wells Fargo Securities: A Tale of Two Markets: Stocks Move Higher as Fixed Income Continues to Sell-off
Wednesday, July 10, 2013
Wall Street Webcasting Presents Wells Fargo Securities: A Tale of Two Markets: Stocks Move Higher as Fixed Income Continues to Sell-off12:06 EDT Wednesday, July 10, 2013
NEW YORK (Business Wire) -- Wall Street Webcasting presents exclusive video of Rich Gordon, the highly regarded Fixed Income Market Strategist of Wells Fargo Securities (NYSE: WFC). This week, Gordon discusses the strong Payrolls report and the financial markets reaction.
The month of June saw 195,000 jobs added, while April and May had a combined upward revision of 70,000. While this news is positive, Gordon notes that there were 360,000 part time jobs created in June and 240,000 full time jobs lost.
Gordon looks at how this new report effect intermediate and long treasuries as well. He points out a troubling note as a regression between the ten year yield and the ten year futures prices can result in a future price that is 11 points lower than the current level. Also, Gordon believes that this week's treasury auctions will be a good indicator of any near term support for bonds.
When it comes to MBS, Gordon see that the “losses have piled up and haven't abated quite yet.” Without traditional buyers of MBS-like banks stepping into the void, “what looks cheap right now”, will get even cheaper.
To hear a complete analyst of the how report is effecting the markets, tune into Wells Fargo Securities' newest video.
Please visit the following link to view the video:
Wall Street Webcasting
William Colon, 201-683-2100