MBS RECAP: Bonds Start Strong but Fade to ‘unchanged’ By the Close

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Posted To: MBS Commentary

Bonds began the overnight session in unchanged territory but began to improve on various news reports that fueled a global flight-to-safety. These included the latest edition of US/China brinksmanship as well as a surprise update on the Brexit talks "collapsing." The Brexit news reaction delivered Treasuries to the domestic starting line in much stronger territory (10yr yields down into the 2.36's), but that was as far as the day's gains would go. After an hour and a half of indecision , yields began to rise right at the NYSE open. They received another push at 10am from stronger-than-expected Consumer Sentiment data (which included higher inflation expectations to boot!). Just as yields weren't willing to press any lower than yesterday's lowest levels, neither were…(read more)

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