MBS Day Ahead: Is it 'Game On' For a Rally?

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Posted To: MBS Commentary

September has been a long month for the bond market as rates quickly trudged back up to levels that aligned with our more pessimistic assumptions for 2018. With strong average hourly earnings to start the month and several other upper tier economic reports coming in at the best levels in many years, it wasn't too hard to reconcile the weakness. We've been forced to watch and wait for the first ray of sunshine to peak through the clouds. After the past 3 days of trading, we have our first potential break in the clouds. The most highly risk-tolerant clients and originators will be justifiably tempted to float here. That's been the case since Wednesday afternoon's Fed events (or possibly as early as last Friday for the truly bold who believed the year's previous highs would...(read more)

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