MBS RECAP: Unofficially Still Waiting For The Week to Begin

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Posted To: MBS Commentary

I refer to some Mondays as unofficial 3rd days of the weekend, and today's example qualifies. There were no significant economic reports, no substantive headlines, and no major movement in bond markets. Add to that a general absence of volume (one of the lightest days in more than a month) and we have an ample case for an inconsequential trading day that may as well have been an extension of the weekend. Bigger decisions are ahead for bonds. That's the sense we were left with as 10yr yields hurtled toward 2.40% last Friday and the reality we were reminded of when today's only interesting tidbit crossed the wires: Trump is "very very close" to naming the next Fed Chair. It doesn't sounds like Yellen is in the running, which leaves the frontrunners as Powell and Taylor…(read more)

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