MBS RECAP: CVS Pulling Bond Market Strings; Post-Close Shocker

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Posted To: MBS Commentary

It may or may not actually be shocking to learn that White House economic advisor Cohn has resigned , but it certainly wasn't a given. Cohn had previously indicated that he would resign if Trump wouldn't back down on the recently announced Tariffs, however, so we knew it was a possibility. Cohn's resignation hit right after the close of business and early overnight trading suggests the reaction could be fairly big. 10yr yields are currently back down to 2.84% after closing closer to 2.89%. Take early overnight gains with a grain of salt though. We've seen them completely evaporate even after moves this big. Nonetheless, meet me here early tomorrow morning so we can count however many hatched chickens show up. Before the Cohn shocker , there was the CVS bond deal. Admittedly…(read more)

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