MBS RECAP: Brexit Bond Benefits Are Apparently Eternal

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Posted To: MBS Commentary

Last we checked, it was going to be October before Brexit had its next hard deadline. So it was quite the back burner sort of market mover this week--especially in light of all the recent trade-related drama and other domestic political sideshows. But then this happened . US Treasuries love to react to "stuff" that happens in London. Old habits die hard, I suppose. Then again, London still is a major international financial center and Brexit would certainly affect trade in Europe (and thus, economic growth potential). A Theresa May ouster makes a hard Brexit more likely, and thus all the other bond friendly stuff just mentioned. Of course the ouster hasn't happened yet, nor has the hard Brexit, so markets merely moved into position for new possibilities today. That meant some...(read more)

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