MBS RECAP: Pace Picks Up For Bond Market Mini Meltdown

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Posted To: MBS Commentary

First thing's first, there's not much about a 10bp gain in 10yr yields and nearly a half a point of MBS weakness that would be considered "mini," but in the recent context, it only undoes about a quarter of the recent rally. Plus, we have history with the word "meltdown," so I figured I'd qualify it in this case. Things were bad from the outset this morning as Chinese manufacturing data started the overnight session off with solid "risk-on" momentum (stronger stocks and weaker bonds). European data didn't help even if it didn't hurt that much. Domestic data looked like a storm that could have been weathered at first. Following the Retail Sales report, bonds didn't break into any weaker territory than they'd seen overnight. After the...(read more)

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