MBS RECAP: Bonds End Where They Began

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Posted To: MBS Commentary

The beginning of this holiday-shortened week was fairly exciting. It was the first major "opening gap" (yields/prices opening a day well into territory that wasn't traded in the previous day) we've seen happen since September 2017 . Then again, opening gaps are more likely to happen on the first day back from a 3.5-day holiday weekend (the last one was after Labor Day weekend, for instance). Reason being, the domestic holiday gives overseas markets a chance to put spin on the ball before we get up to bat. Italy was up to the task with rate-friendly drama that made last week's look tame. Unfortunately for fans of low rates, the Italian political machine began pushing back in the other direction on Wednesday–setting in motion a series of events that culminated in today's…(read more)

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