MBS RECAP: If You Time It Right, Markets Are Totally Flat

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Posted To: MBS Commentary

For some reason, yesterday's recap didn't go out. You didn't miss much. I wrote a bit about how I roll out of my high tech cryo-stasis chamber each morning and check a custom alert I have set on MBS Live for a 4:30am market update. If the 10yr is less than 2bps off (0.02) from the previous session, I might sleep until 4:45am! I almost did that yesterday. I saw a 9 and a 2 and figured we were 0.0092 lower at the time. After a double take, I realized it was 0.0920% and thus time to get up. Bu the end of the day, however, bonds were all the way back to 'unchanged' levels. Today began more innocently, with bonds almost perfectly unchanged . Selling started around 9am and was driven by European bond market weakness (German budget/bond issuance concerns coupled with Italian political…(read more)

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