MBS Day Ahead: Bond Momentum Shifts to Neutral Ahead of Bigger Market Movers

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Posted To: MBS Commentary

Friday and Monday were (relatively) great days for bond markets. For our purposes, at least, they signified an important push back against the more serious selling that began after the house passed the budget bill (the one that cleared the way for tax reform) on October 20th. Here's the recap from the 20th, if you want to get caught up. Yesterday and today (what we've seen so far, anyway) have been relatively more sideways an infinitely more equivocal. While this isn't typically the way the last and first days of the month play out (we usually see more volatility around the change-over between months), we can reconcile this instance of flat bond trading as a product of indecision or anxiety ahead of the upcoming Fed and tax reform news. Today brings the FOMC Announcement itself…(read more)

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