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MBS RECAP: Moderate Weakness For Uneventful Reasons

Posted To: MBS Commentary

Moderate Weakness For Uneventful Reasons Bonds lost some ground today with 10yr yields up roughly 2bps heading into the 3pm CME close and 2.0 MBS down an eighth of a point. Viewed holistically, the week was very calm and yields ended right in the middle of the range (1.22-1.30% in the narrowest terms). There were no sensational stories behind the move–just the sort of housekeeping trades we often see on the Fridays heading into auction cycle weeks. In other words, the weakness was incidental, and the skids were further greased by illiquid trading conditions. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Market Movement Recap 08:31 AM Very slightly stronger overnight amid low volume/volatility and linear move. Good candidate for 3rd weekend day for market participants until further notice…(read more)

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