MBS Day Ahead: Here's The Wind-Up

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Posted To: MBS Commentary

We talk sometimes about bonds taking a "lead-off" (like in that sport that a few of us still remember). Well, at least I talk about bonds taking a lead-off. In baseball, it's pretty much a given any time a runner is on base. The only question is whether the runner maintains a constant, safe distance from the base as opposed to pushing closer and closer to the next base just before the next pitch is delivered. That next pitch will cross the plate tomorrow afternoon following the Fed Announcement, or so we'd expect based on the absence of other big-ticket market movers as well as the behavior of the proverbial base-runner. To be clear, bonds have been holding a steady distance away from base (let's call it 3.0% in 10yr yields). Over the past 5 days, this lead-off range has...(read more)

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