MBS RECAP: One Of Those Calm Days That Almost Makes You Wonder

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Posted To: MBS Commentary

MBS gained a quarter of a point today and 10yr yields fell more than 3bps despite stock market gains (albeit from yesterday's weak closing levels) and ample corporate bond market issuance. That might lead to some small amount of optimism or relief were it not for the fact that yesterday saw bond markets close at the weakest levels in more than 4 years. In other words, today was just another one of those "good" days that we're bound to encounter as the broader trend toward higher rates forges on. Will the forging stop at some point? Yes, of course, but nothing about today suggests it will be any time soon. Could it still be some time soon? Yes, that's always POSSIBLE, but if such a thing were to happen, it stands a far greater chance of being a temporary correction in the…(read more)

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