MBS Day Ahead: Bonds Fight to Maintain Best Counterattack to 2018 Trend

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Posted To: MBS Commentary

You may have noticed that things have been a bit different recently for rates/bonds. Whereas almost any given day saw a move higher/weaker so far in 2018, 6 out of the past 8 have been stable or better. That makes the past 2 weeks the best counterattack we've seen yet. While that's certainly a welcome development, said counterattack has been a mostly sideways affair. It's what happens next that matters most. While GDP is already out, I'll take a moment to reiterate my standard-issue GDP analysis. No one cares about GDP, at least not in a market movement sense. It's a good talking point for politicians, but there's rarely a trading response apart from instances of very big beats or misses. Today's was right on the money. Today's bigger to-do for traders is "month…(read more)

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