MBS RECAP: Bonds Remain Rangebound After Morning Weakness

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Posted To: MBS Commentary

Today ended up being the most uneventful day of the week in terms of outright volatility. In other words, bonds didn't cover as much ground as they did over the past 2 days. That said, there was still a bit of excitement . After being unchanged in the overnight session, yields began to rise toward the top of the prevailing range. Blame a combination of European bond market weakness and domestic stock market strength. Stronger GDP data didn't help, but it's debatable whether or not it hurt. If bonds were interested in data, they likely wouldn't have continued selling off after the weaker Pending Home Sales report--especially given the Fed's mention of the housing market last week. All it took to turn the ship around was for European markets to close. After that, the healing...(read more)

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