MBS RECAP: Not a Big Sell-Off, But Definitely Not a Big Rally

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Posted To: MBS Commentary

Today is most easily discussed based on what it wasn't. Today wasn't a big selling day. That's nice to see– especially in 2018, and especially with mid-day weakness challenging recent ceilings in 10yr yields just over 2.83%. But perhaps more noticeably, today wasn't a big rally day. In fact, bonds had every opportunity for an exploratory push into the best recent levels, but they ended up shying away time and again. This shyness played out in the overnight session, in the morning hours, and again in the afternoon when headlines regarding a Mueller Subpoena of Trump organization members ostensibly provided a green light for the "risk-off" move. Stock, for example, stuck to the risk-off guns by falling to the day's lowest levels after the Mueller headlines. Bonds…(read more)

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