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MBS RECAP: The Trend is Officially Broken. Welcome Back To The Range

Posted To: MBS Commentary

The Trend is Officially Broken. Welcome Back To The Range Bond yields moved lower today, thus breaking out of the prevailing trend. In so doing, they find themselves squarely back inside a longer-standing sideways range, which is a great place to be with rates at all-time lows. Econ Data / Events 11:30-11:50 AM (ET) – Fed 30yr UMBS Buying Core PCE Inflation (y/y) 1.0 vs 0.9 f'cast (1.0 prev) Consumer Sentiment: 78.1 vs 79.0 f'cast (78.9 prev) Market Movement Recap 07:35 AM Stocks faltered a bit and recovered to 'unchanged' by 7am. Bonds have been sideways to a hair stronger overnight. MBS aren't liquid yet, but the first few quotes are unchanged from yesterday's close. 10:05 AM UMBS 2.0 coupons up an eighth of a point and trading at the highs of the day. Stocks are off…(read more)

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