MBS Day Ahead: Don’t Trust Anyone Who Tells You What’s Moving Markets

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Posted To: MBS Commentary

In the day just passed, bonds held their ground after overnight weakness and eventually moved back into positive territory. That happened in spite of an ongoing correction higher in stocks (notable because a stock sell-off was a centerpiece of the previous day's rally). In other words, bonds were doing their own thing for their own reasons. In the day ahead, bonds will continue to do their own thing for their own reasons. In fact, this is already painfully evident overnight. The pain is made all the more painful by analysts (armchair or otherwise) tripping over themselves to explain why we've had another 10bp rally in 10yr yields overnight. The following list of potential market movement scapegoats has support from twitter crackpots as well as intelligent and thoughtful market analysts…(read more)

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