MBS Day Ahead: How Did We End Up In This Mess?

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Posted To: MBS Commentary

The question posed in the title is just a bit too big for us to cover in this humble "day ahead" post, but we can touch on a few key points. I just thought it was a good time to revisit it, given that 10yr yields are beginning the day once-again approaching the 3% barrier--something they've only done a few times since hitting all-time lows. Following rate movement on a daily basis lends itself to overanalysis. In the biggest of pictures, the rate reality we're seeing today is largely the byproduct of plans set in motion a year ago. Specifically, the tax bill that materialized last September did more than anything else to precipitate the slow-motion train wreck that we've lived through as stakeholders in an industry that's highly dependent on rates. This is easily seen...(read more)

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