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MBS Day Ahead: MBS Have Followed Treasuries, But Rates Haven't Followed MBS

Posted To: MBS Commentary

Today is the lightest of the week in terms of scheduled market movers on the econ calendar (there really aren't any to speak of unless you count the New York ISM data and we barely do). In addition, bonds are fairly flat in the bigger picture. Point being: we're waiting on inspiration , and we're not even sure where it will come from. The best guess on the inspiration front is that next Wednesday's Fed announcement will bring some more meaningful trading both before and after, but it's more than a week away. In the meantime, we can watch the same ranges we've been watching. 10yr yields remain squarely range-bound after breaking below the uptrend that had been intact for more than a month. As I said yesterday, we should view that breakout as a vote to remain in the range…(read more)

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