MBS RECAP: Weak Start. Strong Finish

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Posted To: MBS Commentary

Yesterday's headline was "strong start; weak finish." Today's is the opposite (obviously). In both cases, geopolitical issues played a role in overnight volatility with Germany's immigration policies at center stage ( really good primer from WaPo ). Part of the overnight weakness had to do with "risk-off" implications from a new deal that German Chancellor Angela Merkel was said to be working on with another of Germany's political parties. But as headlines emerged that called that deal into question, markets began to shift. Treasuries didn't do much with the aforementioned "shift" until domestic traders got in for the day. Starting at 8:20am, however, buyers dominated and equities futures began to slide. The movement during this time was very…(read more)

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