Posted To: MBS CommentaryYesterday was ‘ neat ‘ for a while–at least in the morning hours when massive stock losses helped bonds achieve their best levels in weeks. Then stocks bounced in the afternoon and most of the bond market gains were erased. Today was a carbon copy in many regards although the stock selling was more abrupt. It also never enjoyed the same sort of bounce seen yesterday. The bond market seemed more eager to capitalize. Bonds were already rallying ahead of the 9:30am NYSE open, even as stocks were holding mostly steady. After 9:30am, it was ‘game-on’ for stock sellers and bond buyers. The ensuing 90 minutes saw big moves on both sides of the market. Unlike yesterday, however, the afternoon proved to be a continuation of the morning trend. with stocks and bond yields plumbing new…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631