MBS RECAP: Bonds Pull Back to Unchanged After Speculative Surge

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Posted To: MBS Commentary

In glancing at various trader/analyst/strategist emails, I see perhaps a greater diversity of opinions about today than of any other recent trading day. Some thought it was strong –a confirmation of yesterday's move below Monday and Tuesday's low yields. Others thought it was weak , with the post-auction move signalling the beginning of the end of 2017's nice little rally. A few took a middle path, and that's how I see it. First, let's talk about what happened . Bonds began the day in stronger territory–right in line with yesterday's best levels. They continued to improve steadily from there, with the first few hours of NYSE trading helping the cause. Stock losses reversed course at 11am and then made a bigger move higher after noon. The fact that bonds didn't…(read more)

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