MBS RECAP: Markets Consolidate Ahead of Elections

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Posted To: MBS Commentary

Today had the look and feel of a summertime Monday–the first we've seen since–well…summertime! Volume was much lighter than it has been in weeks, and volatility was fairly nonexistent. If we consider that Friday's sell-off may have had a bit of extra urgency behind it due to the impending weekend, then today was essentially a 3rd day of the weekend. Does that mean we'll see more activity tomorrow? Not necessarily! If there's a calendar event that's keeping trading ranges and volumes contained, it's probably the mid-term election results. Those probably won't be fully in play until Wednesday. That said, it's all too common to see a big move arrive the day before everyone expects it, so anything is possible. As to whether or not the elections merit a big response…(read more)

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