MBS RECAP: Game-Changing Rally or Massive Head-Fake

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Posted To: MBS Commentary

Today will either go down as a game-changing rally in the course of bond traders' decision making process for 2017, or as an epic head-fake that provided LO's a great opportunity to lock a few top tier deals at sub 4% 30yr fixed rates. Either way, we rallied in a major way. The move began as early as yesterday afternoon , albeit after market hours. The leading edge of the drama was apparently a New York Times article suggesting former FBI Director Comey had evidence that Trump asked him to back off on the investigation into former National Security Advisor Flynn's communications with Russia. The conclusion by the NYT and others was that such evidence could be demanded by a congressional oversight committee and ultimately result in Trump's impeachment. As soon as tweets and newswires…(read more)

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