MBS Day Ahead: What Are We Waiting For?

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Posted To: MBS Commentary

Waiting… That's all anyone has been doing since last Thursday in financial markets. One day prior, stocks jumped off a cliff and bond yields raced to the edge of the same cliff and peered over the side. It's like one of those far-fetched movie scenes where the character who apparently just fell to their death is instead clinging to a surprisingly sturdy tree root for dear life. Bonds, on the other hand, may simply be gawking or lowering a rope. Either way, they're not venturing down into that cliff to save stocks–at least not unless stocks slip even farther down. Analogies aside, both sides of the market have been in consolidation mode since last week's stock sell-off. The following chart shows that bond yields have technically edged out of that consolidative range, but we've…(read more)

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