MBS RECAP: Unswayed by Fed, Bonds Punt For 3rd Straight Day

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Posted To: MBS Commentary

We'll give Friday a pass because it was technically still part of the 2-day correction leading back from the 4-year highs in the 10yr Treasury yield seen last Wednesday, even though Thursday definitely did the heavy lifting. Each of the days this week are less debatable. They've been duds–no meaningful movement and no major challenges for established floors/ceilings. Today was one of our best chances to see that change, but alas! The day began with good potential for drama as 10yr yields were closing in on the 3% boundary. A relatively as-expected ADP Employment report and a fairly tame Refunding Announcement from the Treasury helped bonds find their footing and return to yesterday's sideways range. There wasn't too much anticipatory movement ahead of the 2pm Fed Announcement…(read more)

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