MBS Day Ahead: Bond Sellers Waiting For The All Clear

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Posted To: MBS Commentary

In the day just past, bonds rallied profusely on news that Italy would defy EU budget rules in laying out expenditures to stimulate its economy, thus introducing systemic risk to the Euro currency which, in turn, benefits core bond markets like German Bunds and US Treasuries. 10yr yields moved from 2.41 to 2.37% before the start of business and then rallied more on weak Retail Sales and manufacturing data. In the day ahead, bonds will be looking around, wondering if the coast is clear for some much-needed selling pressure. why much needed? Simply put, just as Italy defied the EU, bond market momentum has defied expectations and conventional wisdom by continuing to move lower in yield, despite several logical opportunities for a bounce or correction. Yesterday might have brought such a bounce...(read more)

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