MBS RECAP: Worst Day For Bonds in Nearly 2 Years

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Posted To: MBS Commentary

In terms of outright movement toward higher rates, you'd have to go back to the days following the election in November 2016 to find anything worse than today. It was like a handful of other snowball selling sprees seen over the years in that it seemed unnecessarily relentless while it was in process, but will end up making sense in the bigger picture. Whether or not it will make sense to you depends a lot on how closely you've been following along (either with the realities facing rates over the past few years or simply with this commentary). It would seem quite complicated if you're not already drinking my kool-aid , so I'll attempt to share an abbreviated recipe below. Incidentally, I say "my kool aid," but in reality, I think there's only one kool-aid when...(read more)

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