MBS RECAP: Reading From the Holiday Week Script

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Posted To: MBS Commentary

Much like yesterday, bond markets experienced a somewhat abrupt intraday swing that lacked overt motivation. This time, however, rates were heading in a more friendly direction with 10's ultimately dropping to 1.879 and Fannie 3.0s up 10 ticks to 101-29.again, we don't have much by way of gigantic, obvious motivations. So let's start going down the list and see what we find. While motivations weren't necessarily overt, we still have a list of likely suspects . These include losses in oil and stocks as well as an almost complete evaporation in corporate debt issuance. Beyond that, it's good to remember that this is a holiday-shortened week and traders are scurrying to make the trades they need to make before taking off tomorrow afternoon. In fact, the holiday week theme may…(read more)

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