MBS RECAP: Don't Call It a Comeback

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Posted To: MBS Commentary

Bonds made some gains today, much to the relief of anyone who didn't really care to see rates explode higher after hitting long-term lows last week. Such people are not unreasonable --i.e. they don't expect rates to only ever go lower. Rather, when rates find themselves needing to go higher, it's preferable if they can manage such things in an orderly fashion. Yesterday was anything but orderly... Today was extraordinarily calm by comparison. Volumes were the lowest in weeks and the trading range was as narrow as it's been since before the March Fed Announcement. Bond traders were buyers right from the start of the overnight session, and with no particular motivation apart from the brutality of yesterday's weakness. This is a really good sign, all things being equal as it...(read more)

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