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MBS Day Ahead: Virus Fears Back in Focus For Markets

Posted To: MBS Commentary

The week begins with global financial markets once again defending against coronavirus risks. Case counts were flat in April and most of May. The implications were even better considering the effect of increased testing. But rather than a gradual decline that many had hoped for, we're instead seeing a lift-off from the recently flat numbers. While some of that certainly has to do with the gradual reopening of the economy, the trend is nonetheless a concern. Several states (CA, FL, TX, NC, off the top of my head) have seen a significant jump in cases and are near their highest daily totals. If you prefer a more global assessment (it's a global economy after all), this is pretty simple: The corresponding result in financial markets has been fairly simple as well. After a scary jump toward…(read more)

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