MBS Week Ahead: Limited Econ Data and Phase 1 Trade Deal Signing

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Posted To: MBS Commentary

Rather than serve to accelerate or crush the negative bond market momentum building at the end of 2019, 2020 has only compounded the broader sideways trend. It hasn't been as boring as "sideways" tends to be either! Credit the Iran flare-up for most of that volatility. It was responsible for the sharp surge toward lower yields though last Tuesday and the de-escalation gets credit for the slightly less sharp return to weaker levels. Notably, there hasn't been a stampede back to the higher yields from late 2019–a fact that could reflect some lingering doubts about Middle East risks or perhaps even the implications of last week's jobs report (i.e. slower than expected growth and a big drop in average earnings). While it may seem like a bit of a stretch to pin bond market…(read more)

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