MBS Day Ahead: Calendar Still Sparse as Trade Remains in Focus

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Posted To: MBS Commentary

In the day just past, a weekend Trump tweet announcing increased tariffs on China sent bond yields and stock prices much lower. Both bounced back throughout the the day, but stocks bounced much more than bonds. Right at the close, more trade-related headlines came out (confirming Trump's tweet was more than an idle threat or negotiation tactic). As a result, both stocks and bond yields opened lower in the overnight trading session. In the day ahead, we're once again looking at an essentially empty economic calendar with the 3yr Treasury Auction being the only scheduled event that might prompt a very small reaction in longer-dated maturities (like 5-10yr yields, which have much more bearing on MBS and mortgage rates). Apart from scheduled data, the market remains susceptible to any new...(read more)

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