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MBS RECAP: New Month, New Trend?

Posted To: MBS Commentary

New Month, New Trend? We often see a clear bias toward strength or weakness during any given month in the bond market. If July clearly marked a trend toward lower rates and August was the complete opposite, are we about to see another shift toward lower rates in September? Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) ISM Manufacturing PMI: 56.0 vs 54.5 f'cast, best since Jan '19 Market Movement Recap 08:20 AM Bonds were fairly flat during Asian hours and then weakened modestly during European hours. They've mostly recovered by the start of the domestic session with 10yr yields up 1.3bps and MBS unchanged. 10:08 AM After a back and forth morning, bonds quickly hit their weakest levels after the ISM PMI data. We've already recovered a bit…(read more)

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