MBS Day Ahead: Without Yesterday, Today would look Awful

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Posted To: MBS Commentary

Today is starting out with just a hint of green on the screens. While that's certainly much better than the alternative (some historical examples see multiple days of yesterday's level of selling), it's still really far from great , and nowhere near the triumphant bounce back that would be in line with our highest hopes. Simply put, without yesterday, the yields at which we are starting the day would still be the worst in nearly 7 years. We're not out of the woods, and we won't even begin to be able to entertain that notion without a break back below the previous highs of 3.04%. From there, 2.95% remains an important line in the sand as far as suggesting a broader recovery. Yields aside, technical indicators aren't incredibly supportive either. Short-term momentum is…(read more)

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