MBS RECAP: Burden of Proof Shifts to Bond Bulls

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Posted To: MBS Commentary

The first two trading days of September introduce a somewhat serious threat to the calm, sideways range that dominated the past 3 weeks. Granted, the rate spike in late July introduced a similar threat to the similar sideways range and we lived to tell the tale, but the bond bulls definitely made a weaker showing this time. 10yr yields only spent a few days prodding the floor around 2.80-2.82% in 10yr yields. Back in June/July, yields touched that floor on each of the 4 weeks that the range remained intact. Today's specific threats came from Brexit-related news and a glut of corporate issuance . A stock sell-off at 9:30am helped bonds find their footing, but it wasn't enough to motivate a bond rally. 10yr yields drifted sideways through the afternoon just over 2.90%--right on the edge...(read more)

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