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MBS RECAP: Bonds Find Footing Early, But Aren't Able to Go Green

Posted To: MBS Commentary

Bonds Find Footing Early, But Aren't Able to Go Green It's safe to say the bond market found its footing today, but that is only a reference to TODAY (not necessarily "finding footing" in the bigger picture). In terms of 10yr yields, overnight highs gave way to slightly lower highs in the morning and another small improvement in the afternoon. None of that was enough for bonds to turn positive on the day, but of the potential "bad days" we could have had, this is one of the better ones. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Market Movement Recap 08:50 AM Big selling overnight (i.e. higher yields), both out of the gate and in 2 other individual bursts (10:12pm and 12:26am ET). That brought yields up to .836%, but they've…(read more)

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