MBS RECAP: Bonds Getting Back to Less Awesome Levels Ahead of Data Glut

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Posted To: MBS Commentary

Friday was pretty great for bond markets. It was a solid day of gains at the end of a week where we'd already had two other solid days of gains. All of the above was leading us back down from an important big-picture ceiling in the form of 2.62% 10yr yields. It even went so far as to reinforce a bounce below the 2.55% ceiling as well. While we may not be back up to 2.55% today, we're a lot closer than we were on Friday afternoon. This is the bond market's way of getting more neutral ahead of a slate of big economic reports and significant events like Wednesday's FOMC announcement. Does that mean we should have seen it coming? In other words, were bonds "supposed to" get neutral ahead of such things? Not necessarily , although I did make a case for such things earlier...(read more)

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