MBS Day Ahead: Bunds Threaten Bounce; MBS Rolled

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Posted To: MBS Commentary

What's a Bund and why does it matter? (Hint: the benchmark for European bond markets) Bunds and Treasuries threatening to bounce to high side of range What is the range? (Hint: 1.72-1.80, with a 1.755 midpoint) Does data matter? (Hint: not today) How about oil? stocks? (Hint: it depends…) YES, MBS ROLLED (prices are 7/32nds weaker than they otherwise would be) What's in a name? A Bund by any other name would be far less hilarious to English speakers, but it would still smell like the European bond market. As you may know if you travel in elite circles of financial market illuminati, there are other bonds out there besides the 10yr note in the US. But while we could constantly monitor other Treasuries like 2, 3, 5, and 7-year notes, as well as 30yr bonds, none of them even come close…(read more)

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