MBS RECAP: Without a Trace: The Story of FOMC Minutes’ Market Impact


Posted To: MBS Commentary

Bonds weaker WAY before Fed Minutes Oil, stocks and European bonds hurt Treasuries overnight Oil kept pressure on with 10:30am inventory data Bonds found their own reasons to weaken heading into FOMC Bonds finally bounced after FOMC was seen as non-issue, but closed weaker on the day Bond markets did their best to hold ground at several defensive levels today, but gradually gave up most of yesterday's gains. In that sense (holding the gains seen through Monday), today was a victory. In every other sense, today was a bit of a bummer. The weakness began in the overnight session with stocks and oil prices surging out of the gate and continued with European bond markets selling-off fairly quickly. Treasury yields were pulled higher on both accounts and MBS began the day roughly an eighth of…(read more)

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