MBS RECAP: Bonds Sneak Into September Unnoticed

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Posted To: MBS Commentary

August began with bond yields moving down from 3%, effectively keeping them in a sideways-to-slightly higher trend that arguably dates back to January. The trend may have taken a break in the spring as yields tested a move over 3.10%, but geopolitical considerations and trade tensions quickly caused traders to rethink it. At times, the range has been as narrow as 2.82-2.88, which is also true for most of this week, and easily true for today. With rates operating so persistently in such a narrow range, there's little to do but wait for a breakout . Otherwise, we'd just be enumerating a litany of bull vs bear arguments for rates and marveling at their serendipitous counterbalance. I sincerely apologize for that fact that the last sentence read like something out of a vocab book, or a...(read more)

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