MBS RECAP: Trump Trade Tweets Topple Treasuries and Invoke Tennyson

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Posted To: MBS Commentary

I was going to leave Tennyson out of the headline and bask in the alliterative glory of an unprecedented 5T title, but I figured you should know there's something wacky and interesting here in case you're into that sort of thing. If you're not, bonds rallied a lot after more crazy trade war drama, but MBS can't hang. The end. For everyone else, read on. If you're not familiar with Charge of the Light Brigade, the memorable opening line is "Half a League, half a league." This was parodied in a Monty Python's Flying Circus episode dedicated to ants (don't overthink it). Ants are smaller than people, so at a poetry reading of Charge of the Ant Brigade, the opening line was "Half an inch, half an inch." If mortgage rates were a light brigade at some…(read more)

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