MBS RECAP: Bonds Try to be Convincing, But Not Very Well

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Posted To: MBS Commentary

Today had all the trappings of a return to some semblance of volume and volatility for what has otherwise been sleepy summertime bond trading patterns–at least if you were only looking at a 1 or 2 day chart. Zoom out to any wider frame of reference and today quickly gets lost in the ultra narrow range this week, which is simply a slightly tamer version of last week's ultra narrow, ultra sideways range. All of this "sideways narrowness " is building toward something. The market won't ever tell us what that something is with 100% certainty, but in the short term, we know what our best chances are when it comes to actual volume and volatility returning! The first of the usual suspects lands tomorrow in the form of the Fed Announcement and press conference. The morning's…(read more)

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