MBS Day Ahead: Bonds Remain Open to Ideas as MBS Roll

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Posted To: MBS Commentary

In the day just past, bonds initially gave the impression that they were continuing to correct toward higher yields after weekend news of a trade "deal" with Mexico. Markets weren't as interested in the "deal" part (because nothing much changed from the preexisting arrangement) but rather in the fact that the tariffs Trump announced 2 weeks ago would be on hold. Despite initial weakness, bonds rallied steadily throughout the day as big buyers stepped in to snap up the higher yields. A strong 3yr Treasury auction helped. In the day ahead, bonds will get an even more relevant Treasury auction to digest (10yr) at 1pm as they continue to decide what to do between now and next week's Fed announcement. This week's economic data can have a bit of impact along the way...(read more)

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