MBS Day Ahead: Last Day of Bonds’ Best Month in 2018

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Posted To: MBS Commentary

Relative to the last 2 years of pain for bond markets, a sense of hope has emerged, seemingly overnight. That has to do with the fact that bonds (as benchmarked by 10yr Treasury Yields in this case) have only just broken below an important floor as of yesterday morning. In fact, that breakout wasn't confirmed until yesterday afternoon. So yeah… it was basically overnight! The floor in question is 3.05%. Ever since yields crested that level in September, it's blocked all attempts to move back below. But "hope" was in the works for several weeks before that. Specifically, when stocks failed to break their own key level in early November, they sent the message that something might truly be amiss with the longstanding economic expansion. Granted, it's far too soon to start…(read more)

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