MBS RECAP: Calmest Day We’ve Had in a While

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Posted To: MBS Commentary

From a volume standpoint, today was only a bit more than half as big as the highest recent days. And you'd have to go back to April to find anything lower–at least as far as the bond market is concerned. The same goes for the trading range, with an exceptionally narrow 2.394-2.428% in 10yr yields. Treasuries ultimately lost ground despite starting out very close to unchanged. Blame a general absence of any fresh trade war drama. There were even a few conciliatory headlines on both sides of the Pacific (nothing ground-breaking, but better than the contentiousness seen over the past week and a half). MBS managed to escape without losing ground simply due to their recently pronounced tendency to perform a smaller version of the moves seen from Treasuries. In other words, Treasuries reversed…(read more)

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