MBS RECAP: 2nd Straight Day Holding Inside Friday’s Range

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Posted To: MBS Commentary

For bonds (and almost for S&P futures as well), today was spent in roughly the same range as yesterday and well-within the range boundaries set by Friday's trading. News stories are touting volatility in stocks. While that may be true inasmuch as the magnitude of day-to-day changes, trading has been essentially flat since March 26th (2656 vs 2658 closing levels). Bonds are also in a consolidation pattern over the past few weeks, and none of today's goings-on even remotely threatened to change that. There were headlines out overnight from an ECB (European Central Bank) official suggesting an increase in the deposit rate as a preliminary step toward an eventual rate hike. That pushed yields slightly higher at the open. A separate headline cited ECB officials as saying the first official…(read more)

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