MBS RECAP: They Can’t Even Let us Enjoy Green Days Anymore!

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Posted To: MBS Commentary

What a frustrating day! Yes, it's true that bonds ended up in positive territory at the close, but it would have almost been better to endure a modestly weaker day without the volatility. As it stands, we were built up largely to be let down . Stocks began selling fairly aggressively overnight. 10yr Treasury yields were 5bps lower before domestic trading ever began and continued into even stronger territory by 10am ( 3.11% at the best levels ). All of that coincided with additional weakness in equities. Up until that point, MBS were stronger as well, but not nearly as noticeably as Treasuries. To make matters worse, the average lender didn't pass along much of the improvement on rate sheets. That's not uncommon and we would have been well within our rights to expect additional improvements…(read more)

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