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MBS RECAP: Jackson Hole Follow Through Helps Bonds Hold The Range

Posted To: MBS Commentary

Jackson Hole Follow Through Helps Bonds Hold The Range Bonds were at the top of their recent range last Friday, but buyers emerged after Powell's Jackson Hole Speech. The new week brought a gentle but obvious version of the same trade as both stocks and bonds improved at the NYSE open. Ultimately, that only served to reinforce a sideways range as markets wait for this week's data–especially Friday's big jobs report. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Pending Home Sales -1.8 vs +0.4 f'cast, -2.0 prev Market Movement Recap 09:21 AM Bonds were slightly stronger in the overnight session despite modestly higher EU yields. 10yr down .3bps at 1.307 and 2.0 UMBS up 2 ticks (0.06) at 101-13 (101.41). 11:31 AM Modest additional gains after 10am (Fed TSY buying operation…(read more)

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