MBS RECAP: Uneventful Start to Short Week; New Loan Limits Tomorrow?

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Posted To: MBS Commentary

Attempting to competently perform bond market analysis on Thanksgiving week is a dangerous game. It will either drive a person insane(r), or simply lead to great frustration. So I'm taking a break from past routines in favor of conducting my least favorite form of analysis: objective play by play. Actually objective play by play is always a part of what I do anyway. The difference on a week like this is that it's fairly futile to assign significance to any particular movement or to attempt to understand the underlying causes. Today, for instance, bonds were slightly weaker overnight but quickly returned to positive levels at 9am. The move was obviously "something" based on volume and volatility, but the world may never know what that "something" was (I've talked…(read more)

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