MBS Day Ahead: Brexit News Behind The Scenes; US Econ Data in Front

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Posted To: MBS Commentary

Just as yesterday's domestic trading hours ended, British Prime Minister Theresa May met with EU leaders to try to tweak the Brexit proposal enough to gain the support of hardliners in the UK who would prefer to cut all ties over compromise. That said, a deal with some compromise is thought to be passable in British parliament, assuming it addresses hardliner's concerns over the border situation between Ireland and Northern Ireland. A hypothetical agreement that avoids a hard border between EU member Ireland and UK constituent Northern Ireland is referred to as "the Irish backstop." (Yes, this stuff is fairly confusing , and the above is a bit of simplification.) At the start of the overnight session, it looked as though enough progress was made on the backstop to reinvigorate…(read more)

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