MBS RECAP: Little-Changed After Uneventful Summertime Monday

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Posted To: MBS Commentary

History suggests that Fed/ECB meetings in June are more than up to the task of causing significant volatility in bond markets. It also suggests that summertime Mondays often turn into unofficial 3-day weekends. Both options are still on the table for this week as today just passed without any fanfare whatsoever. Yields were slightly higher in the overnight session, but notably opted to hold their ground against a weaker performance in European bond markets and a stronger showing in domestic stocks. Bonds hit the 3pm CME close right in line with opening levels but made modest gains in the after hours session. The only events of note were the Treasury auctions and they were far from notable. The net effect was only visible in terms of the yield curve where longer-term bonds outperformed shorter…(read more)

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