MBS RECAP: Waiting Game Begins Again

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Posted To: MBS Commentary

After slogging up toward (but not over) long-term highs 2 weeks ago, 10yr yields began a waiting game that looked like it would take a cue from last Wednesday's FOMC events. As bonds rallied coming away from the Fed, there was at least some chance that we'd turned a corner and could start thinking about a more sustained rally. Friday afternoon's weakness r aised some doubts as to that potential rally, and today's weakness confirmed those doubts. Bonds are right back in the same range, holding uncomfortably near the highest levels in 7 years set back in May 2018. There were no specific, overt sources of inspiration for today's selling pressure. Granted, we could point to Canada joining NAFTA 2.0 or another strong reading in ISM Manufacturing (weaker than expected, but still...(read more)

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