MBS RECAP: Perfect Adherence to The Trend

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Posted To: MBS Commentary

There's never a way to be 100% sure that a consolidation trend will continue to guide the highs and lows in the bond market for any certain amount of time, but sometimes it seems like it should be. This week and especially this morning were two such occasions. Here was the chart from the morning's commentary: and here's how the day ended up: In other words, yields went just about everywhere inside the consolidation trend without actually breaking it. The adherence to the equivocal trend is made all the more interesting by the presence of seemingly important data (PCE and Durable Goods). Upon closer inspection, however, the takeaway from those reports could be argued in either direction. Beyond that, we saw much bigger volume come into play after headlines regarding a potential White…(read more)

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