MBS RECAP: Good Vibes, But Not Much Progress

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Posted To: MBS Commentary

Today was interesting for bond markets in the sense that it certainly FELT like a nice day with solid gains. This has to do with the noticeable rally in the middle of the day and the fact that it was clearly tied to a specific event. It didn't hurt that the event happened to be a speech from Fed Chair Powell (thus drumming up plenty of press coverage and invoking plenty of name recognition). At the end of the day, however, 10yr yields were barely stronger. The rally seemed bigger than it was because it traversed the week's highest and lowest yields in a matter of minutes. My point is that we didn't break through those yields (even after several attempts in the afternoon). What did Powell say? Nothing too outrageous. He merely threw his name in the hat with other Fed speakers who've…(read more)

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