MBS RECAP: Bonds Having a Hard Time Trying to Improve

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Posted To: MBS Commentary

At a few points in the past 2 days, it looked as if bonds were finally ready to move back toward lower yields after 2 weeks spent moving fairly quickly higher. After all, much of that weakness was due to fear that the UK could slam through a negotiated Brexit deal in enough time to have it approved by the October 31st deadline. As of yesterday, it was all but guaranteed that could no longer happen, so it wouldn't have been a surprise to see bonds capitalize on the initial strength. Instead, bonds spent essentially all day moving higher in yield! Now today, they had another chance. .. Perhaps yesterday was too soon for the rally to commence. If we could get through today's econ data and Treasury auction with no whammies, maybe today would make more sense as ground zero for the next push…(read more)

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