MBS Week Ahead: Bond-Friendly Global Growth Narrative Meets Econ Data Deluge

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Posted To: MBS Commentary

Trading weeks don't get much more action-packed that this. Bonds are coming off a surprisingly stellar week. After Trump turned his trade war comments toward Mexico on Thursday night, Treasuries and MBS surged well into the best levels since 2017. But in order to do that, they already had to be close to the best levels since 2017. We know that much of the recent strength in the bond market is based on the trade war, but it's not as if that market mover exists in a vacuum while the rest of the world goes about its business. In fact, European yields never even experienced the sort of scary surge seen in US yields by the end of 2018. Very simply put, European yields have been the proverbial tortoise in the race back to all-time lows and they just crossed the finish line! US yields are...(read more)

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