MBS Day Ahead: Consolidation Continues

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Posted To: MBS Commentary

In the day just past, bonds maintained a range that fell almost perfectly inside the range from the previous day. The same was true of the previous day (Tuesday) and is also true so far today. This sort of momentum builds a case for a sideways consolidation, which is something we tend to see for 2 reasons more often than not. The first would simply be that bonds are coming off a very big move in the month of May and need time to chill before figuring out what they're going to do next. The second would be that bonds are approaching some big-ticket event that's likely to set the tone for the next big move. In the day ahead, we'll have the chance to rule out the possibility that the European Central Bank announcement and press conference is the big-ticket event in question (it's...(read more)

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