MBS RECAP: Uneventful Day For Bonds Confirms Range-Reentry


Posted To: MBS Commentary

Today was very different than the past two days. Friday was one of the biggest days of selling seen during the July/August time frame and yesterday was one of the larger rallies (though neither were especially large in broader contexts). Today covered a mere 1/5th of the ground covered on Friday, and barely more than a third of yesterday's range. From a technical standpoint, that means that Friday's break outside the recent range has been " rejected " and yesterday's reentry to the range has been " confirmed ." As for today's specific considerations, I'd start by saying they don't matter given the fact that markets didn't move. Still, it's a good exercise to take inventory, so here we go: Fed Vice Chair Fischer was on Bloomberg around 6:30am…(read more)

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