MBS RECAP: Surprising (or Not?) Absence of Volatility

Posted To: MBS Commentary

Perhaps it had to do with yesterday’s 1st round of Senate testimony or Comey’s prepared remarks giving bond markets an unfriendly bump, but bonds ended up doing very little with today’s much-anticipated Comey Q&A. Then again, not much came to light that hadn’t already been known, or that wasn’t contained in his prepared remarks yesterday. All that was left were allusions to info that might come out in the Senate’s “closed” session and various table scraps for spin doctors choosing to focus on headlines that financial markets didn’t really care about. Then there’s the matter of counterbalancing forces in play. Perhaps we can give some credit to the ECB Announcement for helping US bond markets push back against politically-induced selling pressure…(read more)

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