MBS RECAP: Sellers Say “Not So Fast” to Last Week’s Bond Buyers

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Posted To: MBS Commentary

2.95% in 10yr Treasury yields had become a bit of a battleground last week. Even in the week prior, there were two big bounces there (3 if you count Monday's 2.96%). By the end of last week, it looked like a done deal. The only catch was that you would need to have tuned out after the initial rally on Friday morning when yields made it all the way down into the 2.91's. After that, a late morning selling spree took yields all the way back to the proverbial fence (2.95%, in case that wasn't clear). With that, the current week inherited the task of deciding whether we break or bounce. Yesterday was little help in that regard as rates continued to hold sideways amid exceptionally low volume. As trading activity ramped back up today, it was clearly bond sellers in control. Yields were…(read more)

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