MBS RECAP: Today Was a Victory for MBS. We’ll Take It!

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Posted To: MBS Commentary

Bonds were weaker overnight in response to upbeat trade headlines from China's commerce minister as well as Italian political news (read the MBS Live update ). The morning's economic data passed without a trace, not that we would expect too much from a GDP revision or yet another Jobless Claims reading around 215k. Things didn't pick up until the 9:30am NYSE open, which has been a focal point for morning volatility this week. This time around, it pushed bond yields higher. MBS followed with modest weakness, but not at the same pace as Treasuries. Thus began the outperformance . Less than an hour later, headlines hit the wires regarding a European central banker downplaying the need for more stimulus and characterizing the market's expectation for an imminent rate cut as overblown…(read more)

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