MBS RECAP: Bonds End Weaker After Decent Start

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Posted To: MBS Commentary

Today was the story of a bond market that is considering a potential shift in momentum in response to a confluence of events. These include last Friday's jobs report, the raft of speeches from Fed Chair Powell in the coming days, and to a lesser extent, the raft of Treasury auctions on each of the next 3 afternoons. If those events happen to strike a depressing enough tone for rates, they could help confirm that the time has come to shift away from a series of successive visits to the lowest levels since 2016. Today, itself, really didn't do much to fan the flames of concern. The worst thing you could say was that it failed to serve as the scene of some heroic push back to recently strong levels. In other words, it leaves the door open for drama. The intraday drama was minimal, but…(read more)

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