MBS RECAP: Calmest Day For Bonds Since Dec 2017
Posted To: MBS CommentaryNot since the eerie holiday-inspired silence of December 22nd 2017 have bonds put in as narrow of a trading day as they did today. 10yr yields didn’t even crack a 0.02% range. It really doesn’t get much narrower than that. MBS didn’t do much better with Fannie 4.0 holding inside a 3/32nds (0.09) range in terms of price. While there was some economic data this morning in the form of New Home Sales (slightly weaker than expected), it did nothing to move markets (obviously). As a result of all of the above, there’s really not much to say about today. So how about tomorrow? We’ll get Durable Goods at 8:30am, which can definitely move markets, but not without fail. The bigger headline potential may lie with the Fed’s Jackson Hole symposium which will give Powell a chance…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.