MBS Day Ahead: Shockingly, Bonds Face Uphill Battle Today

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Posted To: MBS Commentary

Last night was intense to say the least. Bonds surged to the best levels in more than a month, and were close to the best levels in nearly 3 months after Iran attacked several air bases in Iraq. In the heat of the moment, the spectacular and ugly machine that is the collective consciousness of digital communication decided "this means war!" Had that sentiment been accurate, 10yr yields would be in the 1.6's at least. As it stands, there is no war. The party line is that, while the military targets can be referred to as "US assets" or as housing US troops, there were not any US casualties. News media and internet 'experts' seemed to magically conclude VERY early in the night that Trump's secret line in the sand for retaliation was the presence of US casualties…(read more)

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