MBS RECAP: Token Rally on Trade Fears

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Posted To: MBS Commentary

Today represented a classic example of the old market adage "buy the rumor, sell the news." It also offered two different takes on that strategy from the stock and bond markets. Ultimately, there was a twist by the end of the day. First off, let's clear up rumors. The words in the quip aren't ideal. Many times, markets' first reaction is actually to NEWS , and it's simply more timely news that sends traders scurrying back in the other direction. In today's case, the news came courtesy of a Trump tweet over the weekend that announced plans to increase tariffs on Chinese imports. In and of itself, the tweet wasn't a huge deal and likely would have been seen as a negotiation tactic were it not for separate news that US/China trade talks were canceled. Taken together...(read more)

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