MBS Day Ahead: Dark Horse Bond Rally Still In The Race?

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Posted To: MBS Commentary

In a world where race horses are named after bond market movements, there has been some easy betting in the past two months. The winners circle has been almost certain to include such names as Blown Lock, Rate Spike, Forced Liquidation, Unfriendly Trend, Pain Trade, Not-A-Floater, and the perennial favorite Snowball's Sell-Off. I could go on, but alas, we have work to do. There are other horses in the race although you wouldn't have known it until 2 days ago when a dark horse, Bond Rally , ran the most impressive race we've seen in years. After reviewing the footage, however, we see that the body shape of another horse, Stock Rout, allowed Bond Rally to do some serious drafting. Stock Rout was so massive that Bond Rally didn't have to work very hard to make great time. It remained…(read more)

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