MBS RECAP: Calmest Day We've Had in a While

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Posted To: MBS Commentary

From a volume standpoint, today was only a bit more than half as big as the highest recent days. And you'd have to go back to April to find anything lower--at least as far as the bond market is concerned. The same goes for the trading range, with an exceptionally narrow 2.394-2.428% in 10yr yields. Treasuries ultimately lost ground despite starting out very close to unchanged. Blame a general absence of any fresh trade war drama. There were even a few conciliatory headlines on both sides of the Pacific (nothing ground-breaking, but better than the contentiousness seen over the past week and a half). MBS managed to escape without losing ground simply due to their recently pronounced tendency to perform a smaller version of the moves seen from Treasuries. In other words, Treasuries reversed...(read more)

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