MBS RECAP: Tame, Abbreviated Trading Session Leaves Gains Largely Intact

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Posted To: MBS Commentary

Today's headline could just as easily serve as the entire recap. By the time we get past the fact that Durable Goods came out much weaker than expected, there really weren't too many moving parts to today's trading session. In fact, the absence of movement following the Durable Goods data was somewhat notable in itself. Granted, this hasn't been a reliable market mover recently as far as econ data goes, but this was a big enough miss/revision to suggest some sort of reaction. In all likelihood, preparation for weakness in today's data was one of the reasons for the big reaction to yesterday's Markit Manufacturing data. In other words, traders gave it a bit more attention than normal because it raised concerns over today's Durable Goods report. MBS managed to hold...(read more)

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