MBS RECAP: No Creatures Stirring

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Posted To: MBS Commentary

'Twasn't the night before Christmas today, but 'twas the week before Thanksgiving. The "stirring creature" quotient is in the same ballpark. And for those who have no time for my allusions, I'm saying today saw quiet trading in a narrow range. The end. And for those who feel like they need to read a few more sentences in order to feel like they got their effort's-worth in reading a market recap, here you go: Bonds were noticeably stronger overnight, following a surge in European bond markets after weaker services PMIs in France, Germany, and the broader Eurozone. Domestic PMI data provided a clear push back in the other direction, essentially taking bonds back to unchanged levels. Stocks weren't as convinced as bonds by the PMI data and sold off at 10:30am…(read more)

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