MBS RECAP: Not a Win, But At Least It's Not a Loss

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Posted To: MBS Commentary

After a series of demoralizing losses, it feels like some small victory for bonds to simply remain sideways today. That wasn't necessarily a given early this morning. In fact, yields hit new intraday highs for the week--the highest levels since May. Move down the curve just a bit and 5yr yields are at the highest levels since 2008--just another victim of the relentless move toward higher short-term rates. All that to say that the biggest risks to the long-term rate outlook have yet to subside. Rather, today simply suggests we may finally be leveling off before making the next big decision--something that seems likely to follow next week's Fed Announcement and updated rate hike outlook. As for specific market movers today, attempting to pin the tail on any particular donkey is a fool's...(read more)

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