MBS RECAP: Sometimes Balance Sheet Expansion is Just Balance Sheet Expansion

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Posted To: MBS Commentary

Bonds were stronger to start the domestic session after European bonds led a rally late in the overnight hours. Trading was flat during the domestic morning hours. A big miss is the producer price data was overlooked because–well…. producer prices are almost always overlooked when it comes to market movement. When Europe closed for the day, US bond yields began to rise, and that's really the truest and most compelling narrative of the day, but things did happen in the afternoon, and the market participants who remained were keen to make much of little. Of the afternoon market movement candidates, a strange tweet about an off-the-beaten path US/China announcement garnered the biggest reaction (something about Visas being revoked for certain Chinese officials), but it was certainly Powell's…(read more)

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