MBS RECAP: Still Not Panicking, But Not Eager to Extend Rally

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Posted To: MBS Commentary

Yesterday was the first day of major selling that we've seen in more than a month in that 10yr yields moved up more than 5bps from the previous close. It was slightly more alarming due to the fact that it ended a pretty remarkable little rally that began 8 business days ago. During that time, 10yr yields fell almost 40 bps (i.e. almost a 5bp/day average). That's remarkable because there really weren't any singular headlines in the traditional sense (Theresa May resignation and Mexico tariff announcement were the biggest contenders). The bounce put increased focus on today's trading . Would it be a continuation of the weaker momentum or a confirmation that bonds would like to consolidate in this new range. The answer depends on when you look and how you look at it. Most simply...(read more)

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