MBS RECAP: Market Watchers Lulled to Sleep Ahead of Week’s Biggest Day

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Posted To: MBS Commentary

So far this week, both of the trading days have done everything in their powe r to be as meaningless as possible. There have been no major attempts to break floors or ceilings in rates, no major correlation between market movement and data/events, and not much by way of data and events in the first place! Of particular note: the intraday high 10yr yield in the past 4 trading sessions has occurred somewhere in the 2.37's. That gives us a great preliminary ceiling to watch as we stand guard against the risk of volatility tomorrow. It will be higher due to the holiday calendar (last day before Thanksgiving weekend) and the presence of the week's only big ticket economic and monetary events (Durable Goods in the morning and Fed Minutes in the afternoon). Bonds improved slightly on the day…(read more)

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