MBS RECAP: Trade Headlines and Momentum Keep Bonds on The Run

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Posted To: MBS Commentary

The title of yesterday's recap was "Don't Call It a Comeback," and today's weakness is why. Well, to be fair, since I'm always the first to tell you that no one knows what tomorrow will bring in financial markets, we knew nothing of today's weakness ahead of time. What we DID know what that yields were higher on the day, yet again, and were visibly struggling to make it back below a key technical level at 2.47%. That weakness kept rates in a clearly-defined trend toward higher levels. Today's weakness simply offered a continuation of that trend. If you want to leave it at that with the conclusion that this new trend is not your friend until it does something friendly, that's fine. If, on the other hand, you want some fundamental meat to underpin the market…(read more)

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