MBS RECAP: Unofficial 3rd Day of The Weekend

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Posted To: MBS Commentary

Today was super slow for bond markets with 10yr yields holding under the same ceiling that was in place on Friday (2.25+). At the same time, the lower yields of the day continually crept higher, making for an even narrower "consolidation range" compared to the one that began to take shape late last week. There were no significant events or economic reports on the calendar today, and only a few potentially relevant newswires. Stocks and bonds both made gains at the 9:30am NYSE open, but bonds were done with the trend of improvement within 30 minutes . From their, yields drifted gradually higher, (but again, never breaking above Friday's highs) into the close. MBS did a better job of holding steady relative to Treasuries. This can likely be attributed to the upcoming Treasury auction…(read more)

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